With Long-Term Care Insurance Awareness Month being observed nationwide throughout the month of November we must remind ourselves how long-term care impacts American families. According to a nationally known expert on Long-Term Care Insurance, the focus starts and usually ends with Mom.
"About 80% of the healthcare workforce is made up of women. Often, a wife becomes the first caregiver when a husband becomes in need of extended care. Daughters, or daughter-in-law, often, without advance planning become a caregiver for a parent. Finally, once a husband has passed, it is the wife that finally needs care and where are her caregivers? We can do better," said Matt McCann, a leading speaker, and specialist in long-term care planning.
Speaking to financial advisors and insurance agents in Albuquerque, McCann said the discussion of long-term care is essential to American families. Most families end up in crisis as they fail to plan for the challenges of aging.
"The responsibility of caregiving, or managing paid care services, often first falls on a woman. Doesn't your wife or mother deserve better? There is a better solution but we must take action before we get older and have few choices available," McCann explained.
Now that New Mexico, like 44 other states, has Partnership Long-Term Care Insurance available with the additional dollar-for-dollar asset protection it offers, there is an affordable way to have access to quality care while protecting savings and income.
McCann said men are catching up with the role of being a caregiver. Some 16 million adult men are now caring for an aging or ill parent or spouse. While it is not exclusive to women one thing is true, caregiving is hard on loved ones and paid care is expensive.
"Being a caregiver, no matter how old you might be, is a very difficult job. It is difficult to balance your own needs and that of a family member. For the person receiving the care, they often feel guilty that they have their family become a caregiver. We see Mom or Dad moving to one child's house to another as each takes their turn attempting to provide care. Far too often, one sibling gets the responsibility and resentment can set in with family.," McCann said.
If paid care is being used one of the children will usually make the arrangements and decisions as to the type of care being used and which funds will be liquidated first to pay for this care. Would they make the same decisions you would on your own?
McCann said part of the responsibility falls on financial planners and insurance agents to bring up the subject.
"Far too often the discussion of long-term care doesn't happen until a crisis has occurred. Planning should happen well before retirement," McCann added.
Long-Term Care Insurance has many options. Policies are custom designed. Hybrid or asset-based policies with death benefits are also available. A specialist can help you choose the right plan. The key, McCann said, is to have a plan in place.
"Speaking with a qualified Long-Term Care Insurance specialist is essential to proper planning. I get calls from people nationwide, including from financial advisors and insurance agents, asking me to assist them to safeguard their savings and income to they can enjoy a successful future retirement,"
McCann says to take a moment and think about the impact long-term care would have on your husband, wife, or your children. Protecting assets is important but Long-Term Care Insurance is more than just about money.
"Planning for long-term care is all about family, it is about Mom, Dad, your son and daughter, and your grandchildren. We can do better. We can ensure that you have a choice of quality care in the setting you desire. We can make sure that your income and assets are protected and your lifestyle and independence are maintained. We can give your family the time to be family so everyone can enjoy peace-of-mind. Since Long-Term Care Insurance is so affordable for most people, especially if you plan before you retire, why would you not plan instead of placing this responsibility on your loved ones?" McCann asked.
McCann assists consumers nationwide using a unique method where he speaks with a consumer on the telephone while viewing 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.
McCann recommended both individuals and financial professions start their research to find about the options in their state, including the current and future cost of care, availability of partnership policies, tax incentives, and more. He recommends reviewing this online guide to long-term care planning - 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.