Longevity and the costs and burdens that come with aging are impacting retirement planning for Generation X and the Late-Boomers. The cost of Long-Term Care, which includes home health, adult daycare, assisted living, memory care and nursing home care, continue to rise each year. Health insurance will only pay for a small amount of skilled services – including Medicare and Medicare Supplements, for those age 65 and older. Often, retirement savings are depleted from these expenses.
Now, more people are adding Long-Term Care Insurance to their retirement plans.
Some people have initial concerns about rising premiums, however, Matt McCann, a leading expert on long-term care insurance planning, says these concerns are overblown.
“The Rate Stabilization Model Act has extensive consumer protections that didn’t exist with much older series of products,” McCann said. “Companies today are required to price more conservatively and are penalized should a rate increase be needed in the future.”
McCann said the products today are priced for the very low interest environment we have been experiencing. In addition, product underwriting is much more conservative. The Society of Actuaries says current LTC policies are unlikely to have a rate increase based on their study.
“This doesn’t mean there is no chance of increases, but we will not see what happened with much older plans sold prior to these regulations that people read about today, “McCann said.
McCann notes that LTC Insurance has outstanding value and is very affordable when you purchase a plan prior to retirement. With the high risk of extended care impacting your savings and your family, LTC Insurance is easy and affordable asset protection.
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.
McCann recommends several reference websites for research:
LTC News offers articles and resources: www.ltcnews.com
US Department of Health and Human Services: www.longtermcare.gov
Free LTC Quotes: www.quoteonltc.com
McCann’s website also features several outstanding resources.
McCann Insurance Services, 866-751-7957, www.mccannltc.net