Recent news articles about Long-Term Care Insurance are, at best, a bit misleading according to a nationally known specialist.

"There seems to be a rash of articles, some by well-known publications, which are scaring people about premiums and the cost of Long-Term Care Insurance," said Matt McCann.

He says some writers keep talking about policies sold decades ago before the new rules. They often quote financial advisors or general insurance agents which have limited knowledge about these products and how they get used.

"Today's Long-Term Care Insurance is much different and regulated differently than in the past. Plus, for most people who buy these plans in their 40s or 50s, the premiums are very affordable," he explained.

McCann, speaking to financial advisors and insurance agents, explained today's Long-Term Care Insurance is generally very affordable. Policies today are also rate stable, unlike the legacy products sold decades ago before rate stabilization rules and priced before the interest rate crash.  

"While this doesn't mean there is no chance of a future premium increase that risk is dramatically reduced. There are also hybrid or limited pay options which can't have an increase. A specialist can help a consumer decide which type of plan is best for their situation," McCann said.

Most people buying Long-Term Care Insurance from specialists are under age 65 with the majority in their 50s. At these ages, you can find outstanding value. This allows people to plan for the financial costs and burdens of aging.

Caregiving is hard on family members so most people want to avoid placing their adult children into the position of having to be a caregiver. But paid care is expensive and adversely impacts income and lifestyle. McCann says people want to plan for a successful future retirement and Long-Term Care Insurance is an easy, affordable solution for many American families.

"Most of my clients find coverage around $150 a month depending on their age, health, and the total amount of benefits applied for. Some are less and some are more. Long-Term Care Insurance is custom designed. Since the cost of care does vary from one location to another, the policy designs vary dramatically.," McCann explained.

He said it is important to speak with a qualified Long-Term Care Insurance specialist who represents the major companies and understands how these plans get used at the time of claim.

"For example, here in Oklahoma City, the average cost of home care today runs about $46,000 a year, or about $3800 a month. Base assisted-living runs about $3400 a month with additional charges based on the amount of care you require. Skilled nursing home costs average $5500 a month, although this is the least used level of care but the most expensive. A specialist would design a much different plan for a person here than if they lived in New Jersey, for example," McCann said.

McCann said a specialist will ask many questions about a consumer's health, family history, retirement plans, and finances to design an appropriate plan.

If you do wait until you are older there are affordable alternative options which include short-duration policies which provide a limited amount of coverage but at a lower cost. The underwriting criteria is also broader so some people who might not be eligible for traditional Long-Term Care Insurance could qualify for these more limited plans.

McCann also said there are special Long-Term Care annuities available. If you have an old annuity which you are not using for income it can be exchanged on a tax-free basis. You get additional tax-free long-term care benefits when you require care, otherwise, a majority or even all your money is returned to your estate at the time of death depending on your age and benefit design.

McCann also notes that few articles discuss the Long-Term Care Insurance Partnership Program. If your state participates you can obtain dollar-for-dollar asset protection with a qualified policy.

Find your state to see if participates, as well as the current and future cost of care services and available tax advantages by clicking here:  https://www.ltcnews.com/resources/state-information.

McCann helps consumers nationwide using a unique approach where he speaks with a consumer on the phone while they view his computer screen on their computer. This provides a pressure-free way to learn about these products and their various options available from the many companies available. 

He also works with many financial advisors helping them assist their clients. 

Consumers can learn more about long-term care planning at https://mccannltc.net/resources/faq. On his website, there is a link to obtain free quotes from all the major companies.