It happens. You start planning for the financial costs and burdens of aging and discover either your spouse/partner or you yourself are not eligible for Long-Term Care Insurance because of your health. What do you do now?
“Sometimes people wait too long before they start planning. Sometimes it is the change in health that gets someone thinking about long-term care. Don’t assume your health is uninsurable. Speak to a specialist,” said Matt McCann, a nationally known speaker on long-term care planning and an expert on Long-Term Care Insurance.
McCann says many insurance agents and financial advisors don’t fully understand underwriting. Each company has its own standards.
“Generally, a Long-Term Care Insurance specialist will represent all the major companies, not just one or two. When I speak to a couple, I ask very detailed health questions to match a person’s health with the best company. If someone says they have been told they are uninsurable sometimes we can find affordable coverage,” McCann explained.
One thing McCann says you should never do is not cover the healthy spouse just because one person is uninsurable.
“On occasion I have couples say if you can’t get both of us coverage, we aren’t interested. This is the wrong strategy. It is essential to cover the healthy spouse to protect the savings that otherwise will be used to pay for that person’s future extended care. There are plans that provide a limited benefit to an uninsurable spouse when they have a policy in place. Advance planning is key to safeguard savings and reduce the burdens otherwise placed on family members,” McCann said.
As a specialist, McCann can often find the right policy design from a company which provides coverage in order to provide you with access to quality care along with asset protection. Unlike most financial advisors and general insurance agents, specialists can come up with appropriate and affordable solutions for the impact of long-term care on family and finances.
McCann assists people nationwide with his unique method where consumers speak with him on the phone while seeing his computer screen on their computer. He works with the major companies in the industry. 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: www.quoteonltc.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