America is aging.
Longevity has created several planning concerns for Generation X and Late-Boomers who are looking for a future successful retirement. The obstacle for a successful retirement is the need for long-term care services.
Matt McCann, a nationally known expert on Long-Term Care Insurance and planning, says the concerns of couples with children and singles without children are different – but the need for an affordable plan is still critical.
“Look first at the risk. Just the major insurance companies paid out over $9.2 Billion in benefits for long-term care services in 2017 alone. Without an advance plan, these costs will drain savings and adversely impact lifestyle,” McCann said.
While the burden of care often falls on family, a person without a spouse or children will be concerned about quality of care, choice of where that care will be provided and whether anyone will be advocating for them.
“Most Long-Term Care policies provide case management, which will help provide a plan of care and find quality caregivers and facilities for them,” McCann said.
Since most people prefer to stay at home when they need care services, tax-free money can help offset these costs and help maintain their current lifestyle.
“You occasionally read that singles don’t need to plan for the financial costs and burdens of aging. This is just not true. The types of policies we design may differ, but the need is still there,” McCann added.
No matter your personal situation, consumers should start learning their options prior to retirement to take advantage of low premiums and even preferred health discounts.
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 works with all the major companies in Long-Term Care. He recommends these reference websites for research:
LTC News offers articles and resources: www.ltcnews.com
US Department of Health and Human Services: https://longtermcare.acl.gov/
Free Long-Term Care Insurance Quotes: https://takechargeltc.com/
McCann’s website also features numerous resources, so consumers can learn more about long-term care planning.
McCann Insurance Services: 866.751.7957: www.mccannltc.net