Today, with the awareness of long-term care so prevalent, it is incredible that some financial advisors advise against Long-Term Care Insurance. This was the message that a leading long-term care planning expert delivered to small business owners in Nevada.
"Still today, I have clients tell me their financial advisor told them they didn't need to plan for long-term health care. Sometimes it is because they have 'plenty of money' to pay for care, sometimes there is no explanation. In either case, this is poor advice," said Matt McCann, a nationally known Long-Term Care Insurance specialist.
McCann said good financial advisors understand how to grow your savings over time. However, they typically have little knowledge of long-term care and its impact on savings, income, lifestyle, family, and legacy.
"Unless they have their own firsthand experience, many financial advisors don't fully comprehend the consequences long-term care has on family and finances. They don't understand the stress and conflict between family members when they are forced into a crisis situation. Caregiving is hard on family members, and paid care is expensive. There is no reason to put a family through this," McCann said.
McCann said long-term care is both a cash flow problem and a family problem. Both of these issues can be easily and affordably addressed with Long-Term Care Insurance.
"Many of you are probably unaware of the Nevada Long-Term Care Partnership Program. Nevada is one of 45 states that have Partnership LTC Insurance available. These policies provide dollar-for-dollar asset protection. Even a family with modest means can protect their hard-earned assets with a small Partnership LTC policy. The problem - most financial advisors are unaware of this program. This is, perhaps, one of the biggest retirement planning secrets. It should not be a secret," McCann explained on this Zoom meeting.
He explained that Long-Term Care Insurance is custom-designed and affordable if you obtain coverage in your 40s or 50s when you still enjoy good health. Plus, for business owners or those who are self-employed, special tax incentives are available.
McCann shared the LTC NEWS Cost of Care Calculator, showing today's average cost of long-term care services in Nevada. Based on a 44-hour week, the cost of home care averages just under $4500 a month. An assisted living facility base average runs a bit over $3700 a month. However, a nursing home can be even more expensive, with the state average running just over $9800 a month.
"If you are 50 years old today, think about care costs when you are older. Once you are 75 years old, these costs will even be greater, and the consequences on your family and finances will be tremendous. You don't want your daughter or daughter-in-law to quit their jobs and become your caregiver. That isn't fair on them. The easy and affordable solution is Long-Term Care Insurance," he explained.
McCann said the policies offer guaranteed tax-free benefits giving you choice and control over your future extended care. You and your family get to decide how your care is delivered. You get professional help and advice over your plan of care. You get to safeguard your savings and preserve your lifestyle and legacy. Perhaps even more important, your family will not go through the stress and burden of being caregivers.
"Your family will have the time to be family. When speaking with families during the claims process, they always mention that they had more time to be family because of the policy. Most financial advisors just don't fully understand the issues of long-term care. They sure understand money, however," he said.
McCann said that generally, once they fully understand the issue and the benefits of the policy features and the asset protection available with the partnership program, they wholeheartedly agree that Long-Term Care Insurance is an essential part of an overall retirement plan.
"If your financial advisor says do not buy an LTC policy, ask them to put that advice in writing. They usually won't. Ask them if they will pay for your future care - they will not. Ask them if they will become your caregiver in the future - that will not happen either. They may tell you to use your own money to pay for your future care. However, why would anyone do that, considering how affordable a policy can be and the future risk of needing care? Long-Term Care Insurance is easy, affordable, and rate stable income and asset protection," he added.
Today, McCann works with many financial advisors nationwide that seek his assistance in helping their clients plan for the financial costs and burdens of aging. McCann is licensed nationwide and works with the major insurance companies and their many long-term care solution products.
You can see if your state is one of the 45 states that offer Partnership Long-Term Care Insurance policies. You can also see if your state has state tax incentives in addition to the federal tax incentives. Click here and find your state.
You can also learn about the many tax incentives available for both business owners and individuals by visiting McCann's website.
He uses a novel approach where a consumer can talk with McCann on the phone while viewing his computer screen on their own computer or tablet. This is an easy, safe, and pressure-free way to get educated and see your various options as you shop for an affordable LTC policy.
You can get free and accurate Long-Term Care Insurance quotes from all the major insurance companies by clicking on the FREE QUOTE icon on his website.