When you hear a friend or coworker bought Long-Term Care Insurance, you may wonder why anyone would do that.
In actuality, it is foolish that anyone would ponder that decision when you know the facts.
"It’s common sense. Take a moment and think of the many changes in your health and body in the last 20 years. Now fast forward and imagine the changes in health, body, and mind in the next 20 years. The consequences of aging will impact you and your family. Good chance you will need extended care. Who will provide it and where will the money to pay for care come from?" said Matt McCann, a nationally known expert in long-term care planning.
According to a study revised in 2016 by the Urban Institute and the U.S. Department of Health & Human Services, when you reach age 65 you will have about a 50 percent chance of developing a health issue or disability that will require some long-term care service. Life expectancy suggests you will live well into your 80s, so what will be your plan to address the costs and burdens of aging?
"People purchase Long-Term Care Insurance to have access to their choice of quality care on their home or in a facility. People tell me they don't want to put the future responsibility of their future caregiving or managing their paid care in their family. They also want to protect their savings and income," McCann explained.
The cost of long-term care is expensive and continues to increase. According to the LTC NEWS Cost of Care Calculator, a nursing home's national average cost is over $100,000 a year. Most care is delivered at home, adult day care, assisted living, and memory care. This care is also expensive and will adversely impact your savings and income.
"You will either pay for care yourself, or your family will provide the care. The problem of long-term care is both a cash flow issue as well as a family issue. Caregiving is difficult and creates health and financial problems for the caregiver. When you pay for care out of income, it drains savings impacting lifestyle and legacy. With the costs of care being so high and Long-Term Care Insurance so affordable, why would you not prepare your family and finances for the consequences of getting older?"
Matt McCann is licensed in every state and the District of Columbia, representing the major brands in Long-Term Care Insurance. You have many choices from traditional partnership certified policies to single premium, hybrid policies with death benefits in addition to long-term care benefits.
Consumers can view McCann's computer screen from the safety of their own home. He will review your health and finances to match you with the best coverage at the best value. Endorsed by the American Association for Long-Term Care Insurance, few agents have his experience and expertise in this area. You will have peace-of-mind knowing you will learn about your available options and have the ability to decide which plan is best for you and your family.
There are many resources on his website to help you learn more about long-term care planning. You can also easily compare the major insurance companies. McCann suggests planning in your 40s or 50s when premiums are lower and your health is generally better. LTC Insurance is medically underwritten.
McCann Insurance Services: 866.751.7957: www.mccannltc.net