If you are in your 40s or 50s, you may think Long-Term Care is something you can deal with when you are older.
Some people have a misconception that there are government programs available, and there is no need to worry about longevity and long-term health care issues.
“Most people would agree you don’t start planning for retirement after you retire. The same goes for Long-Term Care,” said Matt McCann, a nationally known expert on Long-Term Care insurance and extended care planning.
“The financial costs and burdens that come with aging have a dramatic impact on your savings, family and lifestyle. Thinking ahead will not only save you a lot of money and will also reduce the amount of burden that is otherwise placed on your adult children and their family,” added Matt McCann.
Health insurance, Medicare and any Medicare supplement will only pay a very limited amount of skilled long-term care for a short period of time. Medicaid is a government program, but will require you to have little or no assets to access their benefits.
This is why McCann recommends an advance plan to address this issue.
“Long-Term Care insurance is the easiest and most affordable way to plan for the costs and burdens of longevity. Long-Term Care insurance is very affordable and allows family to be family,” McCann said.
Tax incentives are available for some people. If you have a Health Savings Account, you can use the pre-tax money in those accounts to pay premiums. McCann notes that most states have partnership programs that provide additional asset protection.
You can find your state’s cost of care and availability of tax incentives and partnership here: https://www.ltcnews.com/resources/state-information .
McCann suggests planning well before retirement when you can take advantage of much lower premiums and even preferred health discounts.
Matt McCann is a Long-Term Care specialist and 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.