Friends should not call friends who plan for long-term health care crazy. That is a message delivered to Missouri tax preparers by a nationally known expert on long-term care planning. On a Zoom meeting, Matt McCann said one of the common things his clients mention is some of their friends thought they were crazy for purchasing Long-Term Care Insurance.
"It reminds me of the old sayings many Moms have told their kids over the years, 'if all your friends jumped off a cliff, would you?' While more people today than ever before understand the issues surrounding the costs and burdens that come with long-term health care, too many people just assume this isn't an issue. Those friends are uninformed, and besides, why do you care what they think in the first place?" McCann said.
McCann said there are still many Americans you believe their health insurance, or Medicare or Medicare supplements pay for long-term care services and supports. They pay very little toward skilled services and nothing for custodial care, the most common type of care we need as we get older or required when we suffer from a chronic health issue.
The cost of long-term care is expensive. Depending on where you live, the cost can even exceed $100,000 a year for ongoing skilled services in a nursing home to over $50,000 a year for care at home. These costs often drain savings and income, forcing families to depend on their family, usually a daughter or daughter-in-law, to provide this care. The stress and burden on family caregivers are tremendous.
"Unless your friends will pay for your future long-term health care or will provide the care themselves, why do you care what they think in the first place? It is also not limited to friends. Even some professionals who should know better, including financial advisors, lawyers, accountants, and even insurance agents are not aware of the facts," McCann added.
McCann said in addition to the available tax incentives, 45 states offer affordable Partnership Long-Term Care Insurance plans. These special partnership policies provide additional dollar-for-dollar asset protection. He says these policies shelter your assets as it eases the stress on family members.
"Unfortunately, too many financial advisors and other professionals are unaware of these benefits. Most consumers are also unaware of these benefits. Those who understand the power of these guaranteed tax-free benefits will be the ones who will be smiling as they get older," McCann said.
Longevity brings a higher risk of needing long-term care. As we get older, the risk of cognitive decline also increases. So, McCann asks, "who are the crazy ones?"
"Would you rather have your family provide your future care or help manage it? Would you rather see your life savings disappear, or would you like to see a legacy for your children and grandchildren? Would you rather have a choice of the quality and type of care you receive or be dependent on others? These are the questions all of us need to consider. My clients are not crazy; they are saving money and giving their family the time to be family," McCann explained.
McCann told the Zoom conference that Long-Term Care Insurance is custom designed. Plan design is critical, which is why consumers should work with an experienced specialist, like himself.
"I am reminded often from clients that they are often told Long-Term Care Insurance is expensive or very difficult to obtain. Then they speak with a specialist and find out how easy and affordable these policies can be, especially when you plan before retirement. The key, however, is working with a qualified Long-Term Care specialist, and there are very few of those nationwide. But now you all know one," McCann said.
He says with a specialist, consumers are able to obtain accurate quotes and professional recommendations. Both are crucial to researching Long-Term Care Insurance options.
McCann suggests several online resources to help with planning. The Long-Term Care Tax Guide is an outstanding resource for both tax professionals and consumers: https://www.ltcnews.com/resources/guides/long-term-care-tax-benefits-guide
His website has many resources, as well: https://mccannltc.net/resources. McCann's site also features a link to obtain free and accurate quotes from all the major companies.
McCann also works with financial advisors, insurance agents, and professionals like accountants to help their clients plan for longevity.
"Let others think you are crazy. In the end, you will enjoy peace-of-mind knowing you have a plan that will make sure you get quality care, provides you with asset protection, and allows your family the time to be family, he said.
As a Long-Term Care Insurance specialist, McCann is licensed nationwide and represents the major insurance companies. His unique method gives you the ability to talk with him on the phone as you view his computer screen on your computer. It allows you the ability to safely shop all the major companies at one time with a recognized specialist assisting you design an appropriate and affordable plan.