Unless you live on a deserted island, you have heard over and over the potential impact of the coronavirus. One of the consequences of this health scare is its impact on the markets. Despite a robust economy, you have seen the markets spin out of control, and investor fears of the unknown and the considerable media frenzy have created substantial losses, at least on paper.

In a meeting with insurance professionals, a leading expert on long-term care planning explained unforeseen events could hurt your retirement accounts at just the wrong time. 

"We do not know the day nor the hour when we will need extended health care due to an illness, accident, or the impact of aging. We also don't know the day nor the time when unexpected events can create stock market turmoil. Just think of the thousands of American families who are selling off assets at a loss to pay for long-term care services right now. Unfortunately, these losses are often still taxable gains. What American families need are guaranteed benefits to provide the resources for choice of quality care without draining savings or placing a burden on family members. This is why affordable Long-Term Care Insurance is so important," said Matt McCann, a nationally recognized expert on Long-Term Care Insurance. 

McCann explained people often have the false hope they have plenty of assets to pay for future care. Yet, the facts suggest that you might be forced to lock in losses to pay for care. Perhaps even worse, you might not have control over these decisions.

"Crisis management kicks in when families must make decisions in the absence of advance planning. Usually, a plan that says you will just pay for future care yourself is no plan at all. Your family will end up making decisions as to which account will be liquidated and decide what type of care you will receive. This loss of control and independence for some people is just as disconcerting as the loss of assets and income," McCann explained.

Long-Term Care Insurance gives you the ability to maintain control and independence. You will have the choice of quality care in the setting you desire. You will have the tax-free resources to pay for quality care. 

"When you have a policy it allows your family the time to be family. There will be no need for crisis management and no concern about what the stock market is doing at any given time. Remember, a loss is only a loss when you sell it. When you have the guaranteed benefits of a Long-Term Care policy, your family will not be forced to make decisions in a crisis. It gives everyone time which benefits both your family and your finances," McCann said.

McCann said since Long-Term Care Insurance is affordable for many American families, there is no excuse not to put in place a plan which will provide peace-of-mind for everyone.

You do need to take action and start your research before you retire. McCann said most of his clients are in their 50s when they still enjoy good health. The key is to find professional advice to get the right plan in place.

Most financial advisors and general insurance agents lack expertise in long-term care. A Long-Term Care Insurance specialist will match you with the best coverage at the best value. Working with a specialist will save a family a substantial amount of money. 

If you received a quote that was expensive, you better check again. Long-Term Care Insurance premiums vary dramatically for the same benefits. Also, underwriting criteria differs between insurance companies. Also, an inexperienced agent or financial advisor may recommend benefits that are much more than what you need or suggest a policy that is way more expensive than it should be.

McCann is licensed nationwide and uses a unique process that allows an individual or couple to view his computer screen on their own computer while speaking to him on the phone. It's an easy and pressure-free way to learn and compare all the options from all the companies.

He says getting accurate quotes and professional recommendations are essential to your research in obtaining coverage. 

McCann suggests several online resources to help you find the best coverage for you and your family. The Long-Term Care Insurance Guide is very detailed and provides an excellent base of knowledge. Just click here to read the guide: https://www.ltcnews.com/resources/guides/the-ultimate-long-term-care-insurance-guide

There are also many resources available on McCann's comprehensive website: https://mccannltc.net/resources. His website also features a link to obtain free and accurate quotes from all the major companies.

McCann also works with financial advisors, insurance agents, and professionals like accountants to help their clients plan for longevity. 

"It all starts with the consumer. They must take the first step to plan for the financial costs and burdens of aging. The current crisis is a good example of why we should not wait too long