If you are in your 40s or 50s, getting old is probably not something you spend much time thinking about.
Although most retirement experts suggest planning for the impact of aging and the costs that come with long-term care costs, we tend to ignore the advice.We think our family can take care of our future needs.
“Being a family caregiver often means sleepless nights and overwhelming anxiety. Caregiving is not easy. Often, an adult child must take time off work and away from their own families in order to perform the responsibilities of being a caregiver,” said Matt McCann, a nationally known speaker on long-term care planning and an expert on Long-Term Care Insurance.
McCann notes that too many people fail to consider the impact placed on their family when they don’t have an advance plan for long-term care.
“We will end up requiring care due to illness, accidents or the impact of getting older. This includes cognitive decline such as dementia. Because of longevity, by 2020, nearly 14 million are expected to have this progressive brain disorder destroying memory, thinking skills and often the ability to carry out simple tasks. Memory issues are just one small part of needing care and caregivers. The type of care needed for someone with Alzheimer’s disease is expensive and will drains assets,” McCann said.
Health insurance, including Medicare, will not pay for most extended care services since they are custodial in nature. However, Long-Term Care Insurance pays for care either at home, in adult day care facilities, assisted living, memory care and the traditional nursing home. These policies give you choice of quality care in the setting you desire.
“In 2018, the major insurance companies paid over $10.3 billion in long-term care benefits to American families. This safeguards retirement savings and, just as important, reduces the tremendous stress and burden placed on loved ones,” McCann said.
McCann says to start online research into Long-Term Care Insurance in your 40s or 50s, prior to retiring. Premiums are very affordable and tax advantages are available to some people.
“Long-Term Care Insurance helps make getting older easier on you, your family, savings and lifestyle,” he said.
Licensed nationwide, McCann works with the major insurance companies. With 20 years of experience, he assists people with his unique method where they speak with him on the phone while seeing his computer screen on their computer. 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.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