With aging becoming a huge issue facing American families, a leading expert on long-term care planning says addressing longevity is really all about family. Speaking to financial advisors and insurance agents in North Carolina, Matt McCann, a nationally known specialist in long-term care insurance, says too many people talk only about the financial issues around aging.

"Former First Lady Rosalynn Carter had it right when she said there were only four types of people in the world. You have those who have been caregivers, you have those who are caregivers right now, those who will be caregivers, and then those who will need care. This is the issue. Caregiving has a huge impact on everyone. It isn't easy. It is very emotional. It impacts careers. It impacts the caregiver's own health. It changes relationships. Yet, too many people think that having a son or daughter be a caregiver is something they would welcome," McCann said.

McCann explained that those who say their family will become caregivers are really thinking that they will never have a need for any long-term care service.

"We all know the facts. Statistics are funny things and often people like to ignore them so I like to say the only statistic that really means anything is this one … you will either need long-term care or you won't. Longevity is a real concern. They are building more and more assisted living facilities. Yes, more nursing homes. Yes, more adult day care centers. Yes, there are more and more radio and TV advertisements for homecare services. Yes, nobody need care. I guess all that is for nothing," McCann said.

Every recent study has shown a negative impact on family caregivers. Paid care is expensive and drains assets, often very quickly. This has a negative impact on lifestyle, especially the lifestyle of a spouse or partner.

"It is essential to plan for the financial costs and burdens of aging. We must avoid the crisis management that often happens when people fail to plan. Too many think they have time. Too many people think planning costs too much. The fact is Long-Term Care Insurance is very affordable for most people, especially if you plan prior to retirement. These policies are custom designed. Plus, 45 states offer Long-Term Care Partnership insurance plans which provide additional dollar-for-dollar asset protection. Some states even have tax incentives and federal tax incentives exist for some people as well," McCann said.

McCann noted that Long-Term Care Insurance is working for the American family. In 2018 alone, over $10.3 Billion was paid in long-term care insurance benefits. He told insurance agents and financial advisors to work with a specialist like himself to help their clients plan before they retire.

The cost of paid care continues to grow.You can find the current cost of long-term care services in your state here:  https://www.ltcnews.com/resources/state-information

McCann helps people nationwide with his unique process where they speak with him on the phone while seeing his computer screen on their computer. He also works with insurance agents and financial advisors help their clients provide peace-of-mind and prepare for a successful future retirement.

There are several types of plans available in most states. He encourages consumers and financial professionals to learn more at: https://mccannltc.net/resources/types-of-insurance-policies.  

McCann said the best time to plan is prior to retirement, in your 40s and 50s, when many people can enjoy low premiums and even good health discounts.