If you start thinking of David Bowie when "Golden Years" is being discussed, then you are of the age to be preparing for those so-called golden years. In a Zoom meeting speaking to small business owners from the Nashville area, Matt McCann said that during the virus crisis we better be paying attention to our future golden years, or they might not be so golden.

"We have seen several issues during the COVID-19 crisis that should get our attention. If you are like me, you saw your retirement accounts shrink due to the market losses due to the panic from COVID-19. Despite a very strong economy, the markets tanked. We know they will recover, but what happens if we needed money during one of these market corrections? The biggest reason most of us will need to sell off substantial amounts of assets in the future would be to pay for the costs of long-term care services," said Matt McCann, a leading expert on Long-Term Care Insurance and planning.

McCann said everyone works hard to save money for their future, hopefully successful, and enjoyable retirement. Even the best planners tend to forget the considerable risk of needing long-term health care. The cost of care is very expensive. He said without an advance plan you will either have your family members become caregivers, or they will start selling off assets to pay for professional care.

"There is a better way to plan. Most people want to be able to stay in their own homes when they need long-term care. We see that there are benefits to receiving home care. The quality of care is also important to consider. You will want your choice of quality care. If you need – or want a facility, like assisted living, the better the facility, the more expensive it will be. When you own an affordable Long-Term Care Insurance policy, you will have access to your choice of care, you maintain the control and independence," McCann explained.

When you avoid planning, you place the future responsibility on others. McCann pointed out that being a caregiver is a challenging job. A family caregiver faces enormous challenges in balancing their career, their own families, and responsibilities with the role of a caregiver.

 "When you have a daughter or daughter-in-law become your caregiver, you will adversely impact their health and well-being. There is a physical, emotional, and financial burden caregivers face. Since the solution is easy and affordable, why would anyone not plan?" McCann asked.

He noted that many people, including business owners, have tax advantages available when they own a Long-Term Care Insurance policy. His website has detailed information on the many tax benefits available: https://mccannltc.net/resources/tax-benefits.

McCann suggested several planning options to consider that provide tax-free benefits to address the financial costs and burdens of aging. These are:

    Traditional Long-Term Care Insurance – These are affordable insurance policies that include partnership policies. The Partnership policies available in 45 states provide additional dollar-for-dollar asset protection. Shared spousal benefits are available.

McCann said that the traditional plans usually offer the best value for most people.

    Hybrid Long-Term Care Insurance – McCann explained that these plans have become popular as they combine a death benefit with long-term care coverage.

"Hybrid policies, usually paid with a single premium, offer a guaranteed way to address long-term care and ensuring your estate will either get tax-free long-term care resources or a tax-free death benefit.

    Limited-duration policies – These are policies that are available to individuals who may have some health issues or are older and have fewer ways to plan for long-term care. The policies usually provide benefits for one or two years of care.

"These policies offer guaranteed tax-free benefits. Most will provide inflation benefits so your benefits - not your premium - increase every year. The actions you take, ideally in your 40s or 50s, will help you maintain control over your future and give your family the time to be family. When you find how easy and affordable planning can be, Long-Term Care Insurance becomes an outstanding value offering you and your family peace-of-mind," McCann said.

McCann is licensed nationally and represents the major insurance companies. As a specialist, he matches your age, health, family history, and other factors to shop all the top companies to find you the best options at the best value. Since premiums can vary over 100%, he will save you money in the process.

His unique process allows an individual or couple to view his computer screen on their computer while speaking to him on the phone. It is an easy and pressure-free way to learn and compare all the options from all the companies.

Consumers can learn more about long-term care planning at https://mccannltc.net/resources/faq. On his website, there is a link to obtain free quotes from all the major companies.