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Picture Your Family When Planning for Long-Term Care
Matt McCann -- Long Term Care Expert Matt McCann -- Long Term Care Expert
Savannah , GA
Sunday, July 14, 2019

Matt McCann - Long-Term Care Specialist

You hear about aging probably more than you want to these days. Longevity has become a major issue as American families deal with the costs of their future retirement and the impact long-term care will have on their family and finances.

While most financial planners talk about "protecting assets and income" from the expensive costs of future extended care, a leading expert in long-term care planning told church goers that the primary purpose of planning for long-term care is family.

"When I process the many claims from Long-Term Care Insurance policies over the years the thing most of the adult children of the policyholder tell me is the fact their parent had a policy gave them the gift of time. They had the time to really be family instead of being a caregiver or having to manage paid caregivers all while maintaining their own responsibilities with their career and their own family," said Matt McCann, a leading Long-Term Care Insurance specialist.

"I speak with so many people nationwide each week. Unfortunately, many of the people I speak with are dealing or have dealt with a long-term care situation with a parent or other loved one. They explain how difficult it was being fully responsible for their Mom or Dad and juggling that responsibility with their own responsibilities, McCann said.

There are physical, emotional and financial burdens placed on the adult children when a parent requires long-term care services and supports. Even if the parent has enough money to pay for care, someone still needs to manage it and oversee everything. McCann explained if they have to be a caregiver, even on part-time basis, it is exhausting and time consuming.

"Everyone tells me they want their family to have the time to be family. This is why planning in advance of retirement for the likelihood of extended care is essential to an overall successful future retirement. Planning for long-term care is all about family," McCann added.

He noted the family challenges they face when a parent requires care. These include:

Overwhelming emotions as their parent's capabilities lessen over time

Fatigue and exhaustion as caregiving demands increase month by month

Personal health deteriorates due to physical and emotional demands

Family relationships with siblings suffer as usually one is left as primary caregiver

Financial and work complications as more time is required with their aging parent which negatively impacts their career responsibilities

Depression and anxiety seeing a parent deteriorating and seeing their legacy disappear from the costs of paid care services

"When you have an affordable Long-Term Care policy in place you are not only protecting your savings, income, lifestyle, and legacy, you are giving your loved one's time to just be family. This is the gift they will remember the most. Yes, money is important and we all have worked hard to save money for our retirements, lifestyles, and legacy. But for most people I speak with the first and foremost thing is family. Long-Term Care Insurance and planning is all about family," McCann said.

McCann said today's Long-Term Care Insurance plans are comprehensive, rate stable, and affordable. They give the policyholder access to their choice of quality care in the setting they desire. This includes care at home, adult day care centers, assisted living facilities, memory care facilities, as well as the traditional nursing home.

"You get choice of quality care without having to spend huge amounts of money or having to place tremendous burdens on your family," McCann said.

Case management, McCann noted, was one of the key parts of today's Long-Term Care Insurance policies. Most insurance companies will provide professional case management to help you and your family develop an appropriate plan of care based on your needs and desires. This includes finding quality caregivers and facilities. Most companies have this type of benefit.

"This gives the family time to be family … to be loving and supporting. Isn't that what we all want," he said.

The best time to plan is in your 40s and 50s when you still enjoy good health and you have the most available options. Plus, premiums are based, in part, on your age and health at the time of application.

"Some plans offer a variety of options including shared spousal benefits, limited pay plans, and plans with death benefits to name a few. It is important to work with a Long-Term Care Insurance specialist who understands underwriting, plan design, claims, and the benefits of the Long-Term Care Partnership plan available in most states," McCann explained.

Start your online research before seeking quotes. Consumers can learn more at https://mccannltc.net/resources/faq. On the website, there is a link to obtain free quotes from all the major companies.

McCann assists people nationwide with his unique method where consumers speak with him on the phone while seeing his computer screen on their computer. This makes it very easy to learn your options and shop without pressure. He works with the major insurance companies in the industry.

In your research, you should understand the current and future costs of long-term care services in your state or the state you plan to retire to in the future. McCann says to ask yourself how these costs would impact your lifestyle and legacy.

Plus, you should find out if your state participates in the federal/state long-term care partnership program. You can find this information, including available tax incentives, here: https://www.ltcnews.com/resources/state-information.

"Despite some of the things you may have read or heard, Long-Term Care Insurance is easy, affordable, and rate stable income and asset protection. These policies are custom designed. You have the control. Making a plan part of your overall retirement plan will give you and your family peace-of-mind," McCann added.

Matt McCann
McCann Insurance Services, Inc
Darien, IL