American families are paying attention to the need to plan for long-term care. Americans are getting older. Between the years 1980 and 2010, the number of 100-year-olds increased by 66%. Baby boomers are ages 52 to 70 and by 2029 more than 20% of Americans will be 65+. This means American families are seeing long-term care and caregiving firsthand.
"Recent studies have said that in 2017 almost 41 million family caregivers in the United States provided almost 34 billion hours of care to those who needed help with everyday living activities. That is about $470 billion worth of unpaid care. But this issue is more than just about money. The consequences on these family members is hugely impacting them physically, emotionally and financially," said Matt McCann, one of the nation's leading experts on long-term care planning.
McCann, speaking to families who have had a parent or parents who required care, asked them the question of what, if anything, have they done differently than their parents did in preparing for longevity and long-term care.
"Once the need for care arises our planning options are very limited. The financial costs and burdens of aging impact almost everyone in some way, either as a person who needs care, as a caregiver or as an employer of a person who needs to be a caregiver. Today, however, more people are aware of the issue. Now we need to be motivated to plan, not just for ourselves but for our families," McCann said.
For many American families, Long-Term Care Insurance has become the solution. In 2018 alone, the major insurance companies paid over $10.3 Billion in benefits from Long-Term Care Insurance policies. This provided the needed resources to pay for quality care either in a person's home or in a facility. This gave the family time to be family and not caregivers.
"It is so important to have an advance plan for long-term care in place prior to retirement. For many Americans, Long-Term Care Insurance is an easy and affordable solution. The problem is when people start researching, they often get inaccurate quotes and information," McCann explained.
Most financial advisors and general insurance agents have limited knowledge of long-term care products. Long-Term Care Insurance is underwritten based on your health history at the time of application. Insurance companies look at many factors including the medications you take, surgical history, mobility issues, and even family history to name a few. Every company has different criteria to judge an individual's underwriting risk. This means an insurance agent or financial advisor must understand the rules for each insurance company and ask the right questions before giving a person a quote.
"Most of these insurance and financial professionals just don't ask the right questions since they are not specialists in this area. This means the recommendations and quotes you get from them are oftentimes not accurate. Plus, premiums can vary well over 100% between insurance companies for the exact same benefits. Long-Term Care Insurance needs a specialist to help you find the right coverage at the best value," McCann said.
McCann said the best time to plan is in your 40s or 50s, but options are available at older ages as well. He says there are relatively few true specialists in the country which is why he often works with other insurance agents and financial planners to help them help their clients.
"We can spend a lot of time thinking about it but the reality is thinking about the problem does not solve the problem. You must take action. It is your future retirement, your savings, and your family we are talking about," McCann said.
McCann is licensed nationwide and represents the major insurance companies. His job is to match your age, health, family history, and other considerations to shop all the top companies to find you the best options at the best value.
His unique process allows an individual or couple to view McCann's 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 recommends several online resources to assist in your research. LTC News offers news and resources including an online guide to long-term care planning. You can access it - https://www.ltcnews.com/resources/guides/the-ultimate-long-term-care-insurance-guide
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.
McCann notes that there are available tax incetives for some people and businesses. In addition, partnership policies offer additional asset protection.
"Planning for long-term care is all about family. Yes, money is important, but it starts with those you love," McCann said.