As the markets continue to grow people are seeing their 401(k) IRA and 403(b) see healthy gains. If you are a member of Generation X (born 1966-1975) or you’re a Late-Boomer (born 1956-1965) you are, or should be, laser focused with retirement planning. As longevity has become a major concern because of the advances in medical science planning for the costs and burdens of Long-Term Health Care has become a major priority. The concern of many consumers and financial professionals is the possibility of running out of money in retirement. Because of expanded lifespans and the likelihood of needing long-term care services, an advance plan to address this risk is key to retirement planning.
Long-Term Care Insurance is generally on the top of list for an advance plan. Often consumers read Long-Term Care Insurance (LTC) is expensive. While the cost of the care is expensive the cost of LTC insurance is actually very affordable according to Matt McCann, a nationally known expert and speaker on Long-Term Care Planning and Long-Term Care Insurance products.
“If you enjoy fairly good health, these policies are a very affordable way to address the financial costs and burdens of aging,” said McCann. The problem is too many people wait too long to start planning. The ideal age to make an advance plan to safeguard retirement funds is well before you retire.”
McCann also notes that consumers seek advice from an insurance agent or financial advisor who has little or no experience in long-term care planning.
“They end up getting recommendations that are not appropriate and cost too much,” McCann said.
The American Association for Long Term Care Insurance (AALTCI), a national consumer education and advocacy group, recommends designing a plan with a specialist. Since 1998, McCann has been a leader in finding solutions for the physical, emotional and financial burdens that long-term care can place on a family.
“The consequences of extended health care are tremendous. Often a daughter or daughter-in-law become caregivers or have to manage caregiving for a parent. They have their own career and family responsibilities. Most of the people I speak with want their family to be family. Caregiving is hard. The cost of caregivers or facilities drain savings. The emotional impact on loved ones is high. What people discover is Long-Term Care Insurance is Easy and Affordable Asset Protection which reduces the family burden and safeguards assets,” he explained.
With thousands of clients nationwide, few people have McCann’s level of experience and expertise, which is vital when shopping for long-term care insurance. In addition to helping consumers nationwide, McCann also assists insurance agents and financial planners help their clients. He also speaks to groups and organizations regarding extended care and other retirement issues.
“There are many types of policies which include traditional plans, partnership plans which provide additional asset protection, single premium asset based plans which also offer a death benefit and short-term plans which offer a wider age and health qualifications,” said McCann. “I ask lots of questions so I can help consumers save money and provide peace-of-mind.”
The cost of long-term care can vary depending on where in the country you live or plan on moving to when you retire. Knowing this information helps develop appropriate plans. You can see the cost of care and available tax benefits in your state here:
McCann uses an unique process where he speaks with clients on the phone while they view his computer screen from the comfort of their own home or office. Because most clients are of working age, McCann offers flexible times for his clients on weeknights or Saturdays. This alleviates the need for a person to have to go to someone’s office or worse, inviting a person to their home.
“Long-Term Care will impact you, your family, your savings and your lifestyle. Affordable Long-Term Care Insurance adds the peace-of-mind most people seek so they reduce the risk of running out of money in their retirement due to the high costs and risks of need long-term care either at home or a facility,” McCann said.
McCann recommends several reference websites for research:
LTC Planning News offers articles and resources: www.ltcnews.com
US Department of Health and Human Services: www.longtermcare.gov
McCann’s website also has several outstanding resources: www.mccannltc.net