Most older Americans will eventually need long-term care; given its high cost, it's crucial to prepare for it. If you don't, you might face limited options and put unnecessary strain on your family and friends when you need care.
That is the message heard by a retirement planning group in Johnston City, TN, watching a Zoom meeting hosted by Matt McCann, a leading expert on long-term care planning.
McCann noted that advances in medical science have allowed us to enjoy greater longevity. According to the Social Security Administration's Office of the Actuary life tables, a 50-year-old today can expect to live to 82, with women still outliving men.
"As we get older, we experience a decline in our health. Chronic illness, accidents, mobility problems, dementia, and even frailty lead to a higher risk of needing help with daily living activities or supervision due to dementia. The consequences of aging can be costly and create a burden on those we love."
The U.S. Department of Health and Human Services reports that if you reach age 65, you have a 56% chance of needing long-term care services. McCann said that no matter what the statistics say, it comes down to one thing.
"Imagine this: you might need long-term care, or you might not. But if you do, think about how that would change your life and the lives of those you love. Which of your kids will be responsible for making decisions and liquidating assets? One of your kids may try to be your caregiver. Just think about the chaos that could create."
Aging means you may eventually need long-term care. What is long-term care? Luckily, it doesn't necessarily mean a nursing home. McCann said most long-term care is delivered at home or in the community, like adult day care or assisted living.
Care Costs are Rising Nationwide
"No matter what level or type of long-term care you may require, it will be costly," McCann explained.
According to the LTC News Cost of Care Calculator, home healthcare costs an average of $4,926 a month nationwide (based on a 44-hour week,) but those costs vary dramatically depending on where you live. In the Johnston City, Kingsport area, the cost of care is under the national average. However, in the future, the cost of care will be higher. In 20 years, the same amount of in-home care is expected to average $8,393 a month.
Assisted living, memory care, and nursing home care can run even more.
"It's crucial to prepare for it ahead of time. If you don't, you might face limited options and put unnecessary strain on your family and friends when you need care. The consequences of not planning are life-changing, and that is not a dramatic statement."
Adding Long-Term Care Insurance, which can pay for your choice of quality care services, including in-home caregivers, will safeguard income and assets and ease the stress and burden otherwise placed on family and friends.
"Remember, health insurance, including Medicare, will only pay for short-term skilled care. Most long-term care is custodial, meaning it is help with daily living activities like bathing, toileting, eating, and dressing or supervision due to dementia. Without an LTC policy, you will pay for care yourself, or your family will provide the care, or both."
McCann indicated that most people obtain Long-Term Care Insurance in their 40s and 50s when premiums are much lower and they can qualify for preferred health discounts. However, he mentioned that those in their 60s and older can find affordable options in their 60s and older depending on their health.
How Much Does Long-Term Care Insurance Cost Today?
McCann was asked about the quality of long-term care services. He suggested using the LTC NEWS Caregiver Directory, the largest database of caregivers, senior communities, and long-term care facilities nationwide.
He said you can search over 80,000 providers nationwide to find quality care services for someone you love.
Help is Available
McCann emphasized the importance of seeking advice from an experienced Long-Term Care Insurance specialist who can help you shop for the best coverage at the lowest cost.
"Premiums can vary dramatically between insurance companies, so it is essential to get accurate quotes from all the top-rated insurance companies."
McCann, who holds licenses in all 50 states and the District of Columbia, represents the top-rate insurance companies that offer long-term care solutions. His innovative approach enables clients to consult with him via phone while viewing his computer screen, making the education, exploration, and selection of options convenient and transparent.
You can get free and accurate quotes from all the top companies, along with professional recommendations - Free and Accurate Quotes.
Media Availability
McCann is available for radio, TV, and podcast interviews. He also speaks to groups and organizations worldwide on the issues of aging, caregiving, health, and long-term care. Contact McCann through his website for information.