In the middle of the virus crisis, some people would think that waiting for long-term care planning would be prudent. However, planning for the financial costs and burdens of aging has never been more important than it is today. Plus, planning can be done safely in your home without fear of seeing anyone in their office. 

Matt McCann, a nationally known expert on long-term health care planning, told a group of Wisconsin insurance agents and financial planners in a Zoom conference that the current crisis is an excellent example of how things can change rapidly. 

"Planning for the physical, emotional, and financial burdens of long-term care is essential to an overall retirement plan. We see every day the impact this crisis has placed on American families. Our investments are on a roller coaster. For those who need long-term health care today, financial hardship is obvious. The emotional impact on our families, however, creates stress and anxiety," McCann explained. 

The risk of needing long-term health care grows with age. 

"Our health, bodies, and mind have already changed in the past 20 years. The changes in the next 20 will even be more significant," he said.

McCann said American families are often placed into a crisis when unprepared for a loved one's long-term care needs. People require long-term care services and supports due to an illness, accident, or the impact of aging. Greater longevity increases the risk of long-term care. You add the unexpected consequences of COVID-19 and you have a catastrophic situation made worse.

"Adult children and spouses are not in a position to be caregivers, even in the best of times. Caregiving is physically demanding and emotionally challenging. Your children will have careers and families that are a priority. The role of caregiver creates tremendous burdens. The cost of paid care services adversely impact income and assets and are prohibitively expensive. Ignoring this issue until it becomes a crisis will make a bad situation even worse," McCann said.

McCann said affordable Long-Term Care Insurance options place the future risk of long-term health care in control. The guaranteed tax-free benefits allow you to choose your choice of quality care in a setting you desire, either in-home or in a facility. It gives families the time to be family.

"Top specialists in long-term care planning can meet with consumers from the safety of their own home without ever having to "see" anyone. I can meet with a person or couple through the use of screen share technology where they see my computer screen while we speak on the phone. Nothing could be safer," McCann said.

Specialists like McCann help people nationwide learn about the many available options. They also shop from all the available insurance companies to find the best coverage at the best value. The consumer sees, right away, accurate quotes along with professional recommendations based on their age, health, family history, and other factors. They even complete the application process electronically. 

"The ideal time to plan is when you are in your 40s or 50s when you enjoy fairly good health. Every insurance company has its own underwriting rules, so we match each consumer with the best and most affordable option. It is easy, safe, and saves a person a lot of money," McCann explained.

McCann says premiums can vary over 100% between insurance companies for the same coverage. Plus, as a specialist, he can match the right product type based on their needs and budget.

"I often see a client who has been shown very expensive options from an inexperienced insurance agent or financial advisor. I can show them an appropriate option at a fraction of the cost. There are so many options available; specialists can easily identify the best one," he said. 

Forty-five states offer Partnership Long-Term Care Insurance plans with additional dollar-for-dollar asset protection. McCann says this is one of the biggest secrets in retirement planning. Consumers with even modest savings can safeguard their assets and ensure quality care with a much smaller policy.

For consumers with substantial assets, unlimited benefit plans can ensure complete asset protection. Shared spousal policies can provide very flexible benefits at a very affordable price.

For consumers who have assets over $1 million, asset-based or "hybrid" policies combine the importance of long-term care planning along with a death benefit. 

"The consequences of long-term care are obvious to all of us. Few of us want to burden our loved ones with the role of being a caregiver. Most of us want to enjoy a good lifestyle in retirement without the financial worry of long-term care. Since Long-Term Care Insurance options are affordable, especially for those in their 40s or 50s, the peace-of-mind of having a plan for the consequences of longevity will ease the stress and anxiety of the entire family," McCann said. 

McCann helps consumers nationwide. He assists insurance agents and financial advisors with their clients as well. With over 20 years of experience, McCann is licensed in all 50 states and the District of Columbia. 

He recommends reading The Ultimate Long-Term Care Guide to start your research in long-term care planning. You can find the current and future cost of long-term health care by using the LTC NEWS Cost of Care Calculator. 

McCann's website also has many resources: www.mccannltc.net