Long-term health care is becoming an everyday conversation for families worldwide. An aging population results in more people needing help with daily living activities and even supervision due to memory loss. The consequences that are placed on family members and finances can be life-changing.

Avoiding articles and news stories about the long-term care crisis is hard since they are so common today. Radio shows, podcasts, and TV news reports talk about the problem. 

Grant Bledsoe hosts a well-known podcast, "Grow Money Business." In a recent show, Bledshow discusses long-term health care with Matt McCann, a leading expert on long-term care planning.

Bledsoe said that a huge segment of the population, the baby boomers, needs to be thinking about long-term care. McCann said he hates using the word crisis, but long-term care is a global problem.

"It's not just a crisis in the United States; it's a worldwide crisis because the world is aging."

The World Health Organization reports that 125 million people are aged 80 years or older. By 2050, 434 million people in this age group will be worldwide.

Caregiving Becoming More Challenging for Family Caregivers

In past generations, women were caregivers; however, we see more women in the world place. It is tough for anyone to juggle the responsibilities of being a caregiver with their responsibilities to their careers and families. 

Plus, more people need long-term health care services. As health declines, mobility problems arise, and dementia sets in, there are many reasons for the need for long-term health care.  

McCann said most people are not prepared for the financial costs and burdens of aging. Both American families and the government are not adequately prepared for the consequences of aging. He said traditional health insurance and Medicare, including supplements, will not pay for most long-term health care costs.

"The purpose of health insurance is to return us to a prvious level of us, not maintain us."

Medicaid Has Become Biggest Payer of LTC in U.S.

Many people are surprised that their parent's long-term health care is not paid for by health insurance or Medicare. McCann noted that Medicaid, which provides health benefits for those with little or no income and assets, was never designed for long-term care. Yet, Medicaid has become the primary payer of long-term health care. McCann says that places strain on government budgets.

Some states are taking action to add revenue to cover the growing number of people needing help with daily living activities or supervision due to dementia.

"We have seen a number of things happen. The State of Washington recently passed a tax, I call it the LTC Tax, they call it Washington Cares."

McCann said in 2023, a tax on earned income will impact working people in the state unless they own a qualified Long-Term Care Insurance policy. The tax is calculated on 100% of earned income. 

"For people with a lot of income, it can be a very expensive tax. Now we have California, New York, Illinois, Minnesosta, and Michigan getting closer to instituting their LTC Tax."

Just recently, a bill in the Pennsylvania House would create their version of the Washington plan.

There are now over a dozen states considering adding revenue in this way. McCann told Bledsoe that the states are doing this for added revenue because too many people are in denial about long-term care. 

McCann said despite federal tax incentives and the implementation of the long-term care partnership program that most states participate in, many people are unaware or unmotivated to plan for the costs and burdens of aging.      

McCann discussed how policies work, the partnership program's benefits, and the insurance cost. 

Hear the podcast: The Long Term Care Insurance Landscape With Matt McCann.

McCann Helps Consumers Nationwide

McCann helps people nationwide and represents the major brands in Long-Term Care Insurance. You can safely explore your options and get accurate quotes from the top companies. His unique process allows you to view his computer screen as you speak with him on the phone from the comfort and safety of your home. 

Even though the amount of attention long-term care is getting is increasing, recent surveys still show most Americans are unprepared for the consequences of aging - Most Americans Underestimate Cost of Long-Term Health Care, Study Says | LTC News

The best time to obtain coverage is before your retirement. Since Long-Term Care Insurance is medically underwritten, you need reasonably good health to get coverage. Every insurance company has its own underwriting guidelines that can vary from company to company. 

Most people obtain coverage in their 50s, although with some states considering the LTC Tax, people even younger are getting coverage, protecting their 401(k), and avoiding the tax. McCann suggests reading The Ultimate Long-Term Care Insurance Guide. 

Using his unique process, McCann's clients view his computer screen on their device while speaking with him on the phone. Nothing could be safer and more convenient. Consumers can shop all the top companies from one trusted source.

Insurance premiums are regulated, and every insurance company must file its products and pricing with each state for approval before being allowed to offer any product to a consumer. 

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.