It is hard to avoid a conversation about the consequences of aging these days.
According to a leading expert, there are only a few solutions to the financial impact of long-term care and the emotional impact on your family, but life insurance is not one of them.
“When I discuss the financial costs and burdens of aging with people around the country, I often get asked about life insurance. However, life insurance is not a solution,” said Matt McCann, a nationally known specialist on Long-Term Care Insurance and planning. “Even if you have a large death benefit, it will usually just payout upon your death. The need for long-term care happens when you are living, and you need services and resources right away.”
McCann says there are ‘hybrid’ policies that combine life insurance or an annuity with long-term care benefits. He says those are an available option, but traditional life insurance will not help.
“When you need long-term care services, you need resources now. The cost of care is expensive and drains savings and adversely impacts income, lifestyle, and legacy. Many life insurance policies have insufficient death benefits to cover long-term care costs or are term policies that may expire before you ever need long-term care. There are better solutions,” McCann explained.
According to the LTC NEWS Cost of Care Calculator, care can cost anywhere from $50,000 to over $100,000 a year depending on your location and the type and location of your care. The cost of care services will increase in the decades ahead.
Since health insurance - including Medicare and supplements - will not pay for most of this care, preparing your family and finances, according to McCann, is essential to retirement planning.
“You will have access you’re your choice of quality care when you have an affordable LTC Insurance policy. The guaranteed tax-free benefits put you in control and allow time for your family to be family and not be burdened with caregiving. In 45 states, special Partnership LTC policies exist with dollar-for-dollar asset protection,” he said.
McCann says the best time to investigate your options is in your 40s or 50s when premiums are low and enjoy better health. He explains that Long-Term Care Insurance is medically underwritten, so waiting is not a good option.
McCann, licensed nationwide, uses a unique process allowing an individual or couple to view his computer screen on their own computer or tablet while conversing with him on the phone. It is an easy and pressure-free way to learn and compare all the options from all the companies.
McCann says to seek the assistance of a qualified Long-Term Care Insurance specialist, like himself, who works with the major companies and understands underwriting, policy design, claims, and other aspects that financial advisors and general insurance agents lack.
“We don’t know what life will throw our way, but with longevity, the need for long-term care is a strong possibility. For many American families, affordable LTC Insurance is the easy solution,” McCann said.
You can obtain free and accurate quotes from all the major companies by going to McCann’s website.
McCann Insurance Services: 866.751.7957: www.mccannltc.net