NBC Today Show: How to Pay for Long Term Care

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Jean Chatzky, the financial editor for NBC’s “Today Show” appeared with Matt Lauer to discuss the need for consumers to plan in advance for the high costs of Long Term Care. This has been a big media topic as so many people require extended health care due to illness, accidents or the impact of aging. Matt Lauer pointed out that medical costs, especially unexpected ones, can add up. He says most people want to have a healthy retirement but there’s a big wild card a consumer need to be prepared for … health care expenses.

“A 65-year-old couple will need an estimated $260,000 to pay for unreimbursed medical expenses through retirement — and that doesn’t include Long Term Care, according to Fidelity Investments. If you want to have a healthy retirement, there’s a big wild card you need to be prepared for health care expenses.” Lauer said.

Lauer pointed out these costs do not pay for Long Term Care something he reported that 7 in 10 people will need at some point.

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“Long Term Care will cost anywhere from $44,000 to $96,000 a year depending on the type of care you require but you need a plan to pay for that,” said Chatzky.

Traditional Long Term Care Insurance will pay for any type of care, at home or in a facility. Chatzky reports the rate for a 60-year-old couple in normal health is about $2,100 a year for a mid-range policy according to the American Association for Long Term Care Insurance (AALTCI). The AALTCI is a national advocacy group to educate Americans on Long Term Care Planning.

Premiums on these policies may be tax deductible. The AALTCI also says most states offer partnership policies which provide additional dollar-for-dollar asset protection.

If you’ve been saving for years and are looking to leave something to your kids, this is a way to make sure that all of your money doesn’t go to pay for health care according to Chatzky.

Hybrid policies also exist. These are Life Insurance Policies or Annuities with a Long Term Care benefit. They allow a consumer to tap into your benefit — reducing the death benefit —if you need Long Term Care. If not you have a death benefit or the cash value of the annuity. While the Today Show reported that these plans do not have inflation options, the better insurance companies do have inflation options. Experts suggest speaking with a specialist who can explain the options available.

Lauer asked Chatzky when the best time to start shopping for Long Term Care Solutions. “You want to start shopping at about age 50 and you want to ramp up your shopping very quickly,” she explained. She explained premiums after age 60 are higher but health conditions start to set in which could make premiums high or make a person uninsurable.

“You want an “A” rated insurer and shop around (the top companies),” she said. She also recommends working with a specialist in Long Term Care and not to wait too long.

See full article on LTC Planning News: http://longtermcareplanningnews.com/articles/nbc-today-show-how-to-pay-for-long-term-care

Matt at Hyatt DC (2)

Remember premiums are based not only on the benefits you purchase but also based on the application age you get the policy and your health at the time of application. People work with me nationwide. As one of the country’s leading specialists in Long Term Care Planning I help people safeguard future retirement income and assets from the high costs and burdens of extended care.

Most people want quality caregivers and lessen the burdens place on family … especially daughters and daughters-in-law who many times become the default caregiver. The so-called “Sandwich Generation” is a daughter or daughter-in-law who is trying to be a wife, mother and have a career all while attempting to be a full or part-time caregiver. It doesn’t work.

See how affordable LTC insurance will ease the burden and protect assets. As the NBC report suggests, plan early when premiums are very affordable and your health is better. For Generation X (GenX) or Boomers this is a key part of successful retirement planning.

Learn more: www.mccannltc.net – Get free quotes from all the top companies: www.quoteonltc.com

There are a number of online resources to learn more about Long Term Care Planning:

LTC Planning News: includes news stories on health and Long Term Care Planning. It also has videos and website links as well: www.longtermcareplanningnews.com.

US Department of Health and Human Services LTC site: http://longtermcare.gov.

The National Institute on Aging: https://nihseniorhealth.gov/

 

 

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About Matt McCann

Matt McCann is recognized as a leading Long Term Health Care (LTC) specialist. Since 1998, Matt has been a national leader in finding solutions for the physical, emotional and financial burdens LTC places on American Families. He has been recognized by the American Association for Long Term Care Insurance as one of the top specialists in the country. In 2015 he was listed among the top ten specialists in LTC planning in the nation. He has also worked in sales management for two of the leading organizations marketing LTC products. He served as Director of Business Development for ACSIA LTC and Senior Vice President/Sales for LTC Financial Partners. Many of his agents have been among the top LTC specialists in the industry. Matt's divisions have also led in an innovative webinar approach which allows agents to use screen sharing software so prospects can see the agent's desktop. Matt's proven areas of success include sales coaching, training and motivation in additional to being an experienced LTC specialist. He has produced results in total production, placement rates and lead efficiency. Matt is known for years of experience leading creative efforts for agent meetings and sales promotions which drove results for both agents and consumers. He is now focused on helping consumers find affordable solutions so they can protect their assets and never be a burden on family and loved ones. He specializes in LTCi, Critical Care and Asset Protection products. Matt also coaches individual agents throughout the country helping them improve their processes to help more consumers. Matt is also known as an effective public speaker on LTCi and LTC issues as well as sales motivation. He appears on radio and TV programs and is available for bookings. Because of his schedule an advance notice is always requested. Prior to dedicating his life to LTC, Matt was a well known radio station manager and personality, He worked at radio stations throughout the country He may be best known for as legendary Chicago radio personality Larry Lujack's co-host when Lujack came back out of retirement years ago. Matt can be contacted by email at http://mccannltc.net/ or by phone at 866-751-7957. You can follow Matt on Twitter: @mccannltc - https://twitter.com/mccannltc
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