Eddie Chao
Sure. So I didn't start off in the healthcare realm. My actual first position as soon as I graduated from college, was actually in the insurance world on the life and health side of things. You can say that I that there were touch points with seniors due to products that we had with life insurance and long term care insurance. But mainly it was a lot of estate planning and then of course, after 2007/08 where the housing market crashed, circumstances led me into the healthcare realm and have been in healthcare ever since. Richard Wexler Interesting. And then so kind of tell me about the steps then of getting into to senior care from healthcare etcetera. Eddie Chao Sure. So you could say that I've been in geriatrics all my life. My mother actually started in the assisted living industry in 1984, when I was a wee lad at the time, and at the time visiting my mom's facility, we actually had our World War 1 Veterans around. So stories after stories growing up hearing their experiences, a different era, and it was just rewarding growing up having that kind of context, multi generational context. Of course that carried with me into my adult life, into my career life. Now, again in geriatrics. Richard Wexler So was she operating like a large and her assisted living? Or was she operating something small? Can you kind of tell our audience? Eddie Chao Yeah, sure. So it was an 18 bed facility at the time. And so it wasn't one of the larger 150 or so bed type facilities. It was an 18 bed facility and different regulations back in California at the time and even to to to this day will have different regulations for different size assisted living facilities. Richard Wexler Wow. So did you spend as a wee lad, did you spend a lot of time maybe wandering around that facility? Eddie Chao I sure did. So it was interesting, we lived on a one acre lot and our house was on the backside of the lot, and the facility was on the front side towards the street. I remember as a kid coming home from school, grabbing a snack and then going to help my mom in her facility, doing whatever I could as an adolescent at the time, doing what I can to help and again just sit and and chat. That was just great. Richard Wexler So great, I mean, I'm kind of shaking my head cause every kid grows up on a lot like that with the home in the back and then, I mean, that's everybody's life, right? No, I don' think so. But I mean, I'm imagining you met so many different people- men and women, I'm assuming, bad word, that we're older, but did you spend a lot of time talking with them? Eddie Chao Yes. Again, just hearing their stories during the World War I era, and then of course quickly into the World War II era, it was fascinating. The experience that they grew up with their reality versus, you know you fast forward 60-70 years, and it's literally a different era. It's it's a different paradigm, a different perspective, different time, you know, in society. So having that context, like I said, growing up, it just widens your perspective and it allows you to to have a humble stance in how fortunate you know some of these circumstances that we live in today that they did not have back then. Richard Wexler That's a really fascinating story. And like I said, and I kind of knew a little bit about your background and I wanted my audience to hear this because it is quite unique. Now with Amada Senior Care, what's their origin story? Eddie Chao Sure. So Amada Senior Care was actually founded by our current CEO, Tafa Jefferson. Tafa is a retired NFL player and due to a career ending injury, he had to retire and was trying to find what to do with the rest of his life. He asked his mom, who at the time was a caregiver, and she said, "why don't you start a caregiving business?" Now you Fast forward 17 years later, we have over 180 stores nationally in about 42 states. So it's a pretty impressive story. Richard Wexler Wow. And I'm in Idaho, that most people know in listening to this podcast, and you are as well. What's Amada's objective in Idaho? Eddie Chao So, Amada has two divisions, so mainly about 180 or so locations in the 42 states are franchise locations- independently owned and operated. I represent the corporate division, and it's our first corporate store outside of California, where we're headquartered. Our objective here, our initiative is to care for our senior veterans. So mainly those veterans, demographically that are Vietnam era, Korean War era, veterans. That's our objective here in Idaho, to be able to care for them and be their advocates and be their advisors. Richard Wexler Interesting and I know broad subject, I've talked about a lot, obviously you in the industry very familiar with it- we have to pay for care...And sometimes it's not that inexpensive. When you're dealing, especially with veterans, can you talk about that, you know, typically paying for care? Do they have resources through the VA? Can you inform our audience? Eddie Chao Absolutely. They absolutely do have resources. Now there are certain prerequisites and that they have to meet in order to take advantage of these benefits. Number one is are they service connected? Do they serve during wartime? If so, then each of these combat veterans would have a disability rating, They call it "service connected disability rating", and if they meet that 70% threshold then they are eligible for in home caregiving, through a certain benefit paid through the VA. Frequency per week will depend upon diagnosis and comorbidities, so it depends upon the situation that they're in. But absolutely, they can access these benefits, that is, in my opinion, owed to them because they have sacrificed so much for their country. Richard Wexler Wow. Now and I don't really even know the answer to this question, so obviously I'm gonna ask you, if they're married, does a spouse have access to those benefits as well, or not? Eddie Chao So not specifically for the caregiving aspects, but they are eligible for aid and attendance, which has to do with the monetary compensation that they can use towards care. Richard Wexler Interesting. So these individuals, are most of them from the Vietnam era? Eddie Chao Most of our client population who needs help with the activities of daily living, a lot of the functions that we take for granted, like eating, bathing, dressing, incontinence, etc; stuff that would require assistance where they're more dependent now as opposed to being independent. So the geriatric, the wiser population, are the ones that usually have that kind of need as opposed to younger veterans who, even if they are disabled, can still function more independently than those of our senior veterans that are 80 plus. Richard Wexler Sure, so going back to the payment aspect, are you finding that most of these veterans are certainly aware of the benefits they're getting from the VA? Or do you folks have to kind of enlighten them? Eddie Chao I think it's a mixture, Richard, because you know, our Korean War and our Vietnam Veterans when they came home and were discharged off service, they very, very sadly were not given a hero's welcome. And so disillusioned with society and the VA in general, they gravitated towards the civilian health care space, and many do not know. I just met with an individual recently and they were in Vietnam and not aware of the VA benefits to be able to help this individual who is now becoming less and less independent and more and more dependent for daily tasks. And so we have a very unique and privileged opportunity to be able to help our senior veterans access the benefits and the care that they need and that they rightly deserve. Richard Wexler That's fantastic because obviously I'm of that age of the Vietnam era, didn't serve myself, but certainly understand what most of those veterans went through and actually had some roommates that served in Vietnam, had some very intimate conversations with them, so I'm certainly aware of that era and again what they went through. When they get this benefit from the VA, is that normally taking care of all the expense for in home care or sometimes do they have to find other monies as well? Eddie Chao*** So that's a great question and I'll answer that in two parts. The first part is there is a certain frequency that the VA will authorize based upon this individual's diagnosis, comorbidities, what is the actual need from an ADL standpoint. And then the other aspect is depending upon priority group and your service connected, there's a threshold- 70% is that sweet spot where if they are 70% or above in their disability rating then there is no share of cost. If they're below, we will work with each individual that is below 70% to see if we can get them to that threshold of 70% where there would be no share of cost. Even if they are above 70%, and the VA authorizes a certain frequency and they need additional care, then that's where we could help to access other funding sources on top of that. It just depends. It really will depend on a case by case basis and but to obviously do as much as we can to access the the maximum benefits that they deserve. Richard Wexler Sure. So folks, I'm bringing up that 4 letter word that you guys hear me talk about all the time that people hate because I want to get Eddie's thoughts on this four letter word called PLAN. So you know, just in General, Eddie, we're getting older. We have almost 80 million baby boomers and we have another 30 million or so on top of that are their parents, grandparents that are still with us in this country - approximately 110 million people per the data that I have seen. So what are your thoughts around this little tiny word called plan? Something my wife and I didn't do. Eddie Chao Sure. Yeah. How much time do you got, Richard? So I'll be brief. Gosh, there's so much to cover, there's a lot to say, but I think I I will lead with this: It is never ever too early to start the conversation. It can be very uncomfortable when it comes to having that conversation with either your spouse or your adult children, but it is far, far better than being blindside, drinking through a fire hose, and now not knowing what you don't know and having to navigate, let's say your elderly parent and every aspect of care that pertains to, and while at the same time juggling your own career. And caring for your your children or teenage children. It is quite the ordeal. So the earlier that conversations can occur, the better off each family unit will be. Richard Wexler Have you been on the road with me? I mean, you sound just like me, Eddie. Something I've been screaming about now for 15 plus years, folks, you know you hear me talk about this episode after episode and I wouldn't keep talking but we didn't plan. You don't want to be like us. And I tell people, most people aren't going to get all four parents to care for, one's tough enough. It changes your life and you're still trying to bring income in the family, and still work, and still have a life, and still raise kids- you know, this sandwich generation and so on and so forth. It's never going to be easy, even when you plan. But I tell people, it will be easier. I've talked about this so many times, we plan so much in our life. We'll plan a vacation, maybe on the East Coast of the Bahamas, on the West Coast of Hawaii, and we'll plan every aspect of it- but we just don't want to talk about this. And I get it. But we have to. So, Eddie, as we kind of get ready to to wrap up, big subject, big question, but I kind of want to get your thoughts about the direction of the senior care industry- again with almost 80 million baby boomers. The oldest are gonna be 80 folks in 2026, that's a little over a year from now, and I'm still having a big problem comprehending. The baby boomers turning 80. Eddie, what are your thoughts? Eddie Chao Sure. Gosh, there's so many, so many aspects and topics to talk about. But my biggest encouragement would go seek your friends and/or professionals that are in the insurance industry and/or even investment industry. What can we do to offset the burden of cost that we know is inevitably coming. Whether it's insurance, through life insurance, it's a little bit different than than when I was selling insurance, but nowadays there's life insurance products that actually add a long term care rider attaching it to the life insurance product. So there's that aspect. And then of course, through different investment firms they will help you also, not just from a financial but from a vehicle standpoint that will specifically offset the burden of care that we know, again, that we will all at one day arrive at and we'll need. So that would be my biggest encouragement- and have that conversation with friends with family, please. That is the best course of action because someone is going to know someone. Those degrees of separation will be limited and and we will all be more informed so that when when it's time to make decisions, we can make wise and rational decisions as opposed to being at the mercy of the urgent. Richard Wexler Thank you, Sir. I very much appreciate that. Folks, I mean, if you take nothing away from this, hopefully you take a lot, but what Eddie's saying is so important and using a great company like Amada down the lines, getting involved and the partnership with Eddie and his company. I mean, it's huge. But the biggest thing, that little tiny word that I talk about all the time, cost... and as Eddie said it, it's going to be most of us. I talk about the fact that about 95% of us are going to need care at some point in our lives. it may be a very small amount, it could be someplace in between, it could be years, but I mean, that is reality until somewhere way off in the future, the human body changes. I won't be here, but somewhere, way down the line, we're probably going to need care for a long time to come. If people want to get in contact with you, Eddie, what do you want to give out? E-mail, website, what? Eddie Chao Sure. Yeah. I think the best way to get a hold of me would be to shoot me an e-mail. I checked my e-mail constantly throughout the day and my e-mail is [email protected]. Richard Wexler Perfect. Folks, this has been a great conversation with Eddie. You know, I say on every episode, if you want to get in touch with me, best way is again to e-mail [email protected]. I wanna thank Eddie again for a great conversation and great episode today. And folks, until we talk again, have yourself an awesome day. ***A Clarification from Eddie-- "To clarify, being a combat veteran is not the only method to qualify for the benefit. There is a lot more that goes into this program but essentially any Veteran can access this benefit if they need help with ADL’s. Have a VA doctor evaluate you, have them recommend the program and have a 50% or more SCD% rating. That is the basics of the program although it can be hard to navigate and that’s where I come in. If anyone in Idaho has any questions, please find my contact information in the podcast and I’ll be happy to walk you through what your options are."
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