Alzheimer's or other dementia and the need for Long-Term Care services and supports can happen to anyone, even a former President of the United States. This means a future successful retirement requires an advance plan for the costs and burdens of aging. Those are the words that echoed from the home of the Ronald Reagan Presidential Library by one of the nation's leading experts on Long-Term Care Insurance and planning.
Speaking to a private group in Simi Valley, California, Matt McCann referenced the 44th President of the United State's battle with Alzheimer's Disease.
"It was August of 1994 when former President Reagan was diagnosed with Alzheimer's disease. He was age 83 at the time. Just think, once the most powerful man on the planet with so many memories going back decades and decades, beginning to lose those memories which helped make him the man he was. The impact on his wife Nancy and the rest of the family and friends was tremendous. As we live in an aging society, longevity, and the health and aging issues that go along with that, will continue to plan and physical, emotional and financial impact on American families," said McCann said.
McCann said too many Americans are in denial when it comes to the topic of long-term care. He said a recent poll, from the Associated Press-NORC Center for Public Affairs Research, says about half of Americans above the age of 40 believe "almost everyone" is likely to require long-term care services as they age. However, only one forth think they themselves will ever require long-term care services.
"The fact is while people understand the issue, too many of us are in denial, pointing to someone else. We are taking advantage of the advances in medical science and this extends life. It become harder to die and thus we live longer lives. With longer life comes aging issues and this includes Alzheimer's and other dementias," McCann noted.
McCann said one in three seniors die with Alzheimer's or other dementia. It kills more people than breast cancer and prostate cancer combined. Every 65 seconds another person gets diagnosed. The impact on the American family is disastrous. Caregiving is hard on family members and paid care drains savings and adversely impacts lifestyle. This is why most of us need a plan to address the financial costs and burdens of aging," McCann said.
People require long-term care for many reasons, illnesses, accidents and the impact of aging. McCann said the solution, for most people, is easy and affordable.
"Long-Term Care Insurance is an affordable way to safeguard retirement accounts and other assets while providing the tax-free resources to have quality care either in your own home or in a facility. It also gives the family the ability to be family and not have to also be a caregiver," McCann explained.
He said that there are a few common misperceptions with Long-Term Care Insurance.
"People think this will only pay for nursing homes. While these policies do pay for nursing homes most claims are for care at home. Today's Long-Term Care Insurance will pay benefits for quality care in a person's home … skilled, semi-skilled as well as homemaker and companionship services… as well as adult daycare, assisted living, memory care as well as the traditional nursing home. You will have choice of quality care and you ease the burdens on your family," he said.
McCann said that a study from the American Association for Long-Term Care Insurance said that just the major insurance companies paid over $9.2 Billion in benefits from Long-Term Care Insurance policies in 2017. 52.1 percent of all new claims in 2017 began in the home setting.
"Then some people think Long-Term Care Insurance is expensive. The fact is these policies are very affordable especially when you plan prior to retirement when you can enjoy much lower premiums and even qualify for good health discounts," McCann said.
Premium increases are also a concern but there is a big misperception even in the media with rate increases and Long-Term Care Insurance.
"Older policies, what the industry calls "legacy policies" did have increases. They were priced well before rate stabilization rules that most states have in place. They were also priced prior to the interest rate crash. Today's Long-Term Care Insurance is priced with scientific underwriting, low lapse rate and low interest assumptions and low lapse rate projections. Experts suggest that today's policies are affordable and rate stable. There are even policies which no increases are possible and even have death benefits. This should give consumers additional peace-of-mind," McCann added.
McCann said as he toured the Reagan Library he was reminded how Alzheimer's can impact a family and it can happen to anyone no matter what our education or status in life might be.
"There is a constant commonality when I speak with family members of those who are on claim with Long-Term Care Insurance policies. They all say, "thank you". They tell me that their Mom or Dad or other family member's policy allowed them to be family. It gave them the time to be loving and supporting and not have to deal with caregiving or arrangement of care or both. Long-Term Care Insurance is all about family. Yes, money is important, and it provides the resources for choice and quality care, but the bottom line is family," McCann said.
Matt McCann assists people nationwide using his unique process where they speak with him on the phone while seeing his computer screen on their computer. He works with all the major companies in Long-Term Care.
Consumers can learn more and get free quotes from all the major companies: https://mccannltc.net/free-quotes. You can find the cost of care in your state, as well as availability of partnership plans and tax incentives here: https://mccannltc.net/resources/states.
He is also available for media interviews and speeches. He can be contacted through his website.
McCann says the best time to plan is prior to retirement when you can enjoy much lower premiums and obtain good health discounts.
"Families will enjoy the peace-of-mind knowing an affordable plan is in place safeguarding savings and allowing the aging process to be easier on loved ones," McCann said.