Hardly a day goes by without seeing some online article about dementia, aging, longevity, retirement, and money. Today's Generation X and Late-Boomers are keenly aware of the impact of getting older and the related health issues which come from aging have on a family and their assets. Why? Because many have seen the consequences of long-term care has had on their parents, aunts, uncles and friends and neighbors.
Long-Term Care Insurance has become an important discussion point in retirement planning but often there is much confusion about which plan, the cost, and when to purchase a plan. With so many options available the need for professional assistance has never been greater than it is today.
"The need to plan for the financial costs and burdens of aging is an essential part of the overall retirement plan. However, with so many different products and companies available, and substantial differences between the costs from one company to another, getting advice from a specialist is vital as you review available options," said Matt McCann, a nationally known expert on Long-Term Care Insurance and long-term care planning.
McCann said demand for solutions for long-term care has never been greater. He said consumers have many choices depending on their own health history, family history, and budget.
"There has never been so many solutions for long-term care as there is today. Asset-based policies are getting a lot of press since they offer death benefits in addition to benefits for long-term care services. Forty-five states offer Long-Term Care Partnership policies which provide dollar-for-dollar asset protection. Many companies offer shared benefits for spouse or partners. Even small, limited duration policies are available. Each has different features inside the policy and different underwriting criteria and price points. This is why the consumer needs professional help," McCann explained.
Most financial advisors and general insurance agents don't possess expertise in long-term care. In most cases, they only represent one or two companies. Few understand underwriting and policy design. A qualified Long-Term Care Insurance specialist can help navigate between the many options and design an appropriate and affordable plan.
"Long-Term Care Insurance is very affordable for most people but you must select the right company and design the plan to address your specific situation. Often, I run into a person who received numerous quotes by email or in the mail. When I ask them how many questions about their health and retirement plans did they ask before sending the quotes the answer is usually shocking to me. Most insurance agents and advisors ask very few questions. Long-Term Care is custom designed. You can't design a plan without asking these questions," McCann explained.
With 20 years of experience, McCann helps people nationwide with his unique process where they speak with him on the phone while seeing his computer screen on their computer. He will ask many questions about a person's health, family history, and retirement plans so he can shop the many companies available to find the best coverage at the best value. He works with the major companies in the industry and understands both traditional and asset-based plans.
"Today's technology allows a specialist, like me, to help consumers, and their advisors if they are involved, to find the right plan. If your insurance agent or financial advisor just emailed you quotes without discussing this in detail you better find someone else," he said.
McCann recommends starting your online research before seeking quotes. Consumers can learn more at: https://mccannltc.net/resources/faq. The site has an option to get free quotes from all the major companies.
You can find the current cost of care services in your state, as well as the availability of partnership plans and tax incentives here: https://www.ltcnews.com/resources/state-information.
"As we get older most of us will need some type of long-term care service due to illness, accidents, or the impact of aging. We should not place the burden of caregiving on our children. They will have their own careers, families, and responsibilities. Paid care is very expensive. It can drain even large accounts and adversely impact income and lifestyle. This is why some type of Long-Term Care Insurance plan is the best solution. These plans are easy, affordable, and rate stable income and asset protection. Perhaps just as important, they give your family the gift of time. They will have time to be family and not be forced to manage care or even be a caregiver," McCann added.
He suggests planning prior to retirement when the most options are available.