November in Long-Term Care Awareness Month. This is an outstanding time of year to think about not only your older family members and how aging is impacting them but your own planning for the financial costs and burdens of aging.
“Long-Term Care is about family. As the holidays approach our thoughts are squarely on family. This is the time we see older family members and how the aging process has impacted their life. We realize the financial costs and burdens of aging will have a significant impact on our own savings and loved ones. This is why the holiday season is when many people start their planning,” said Matt McCann speaking to insurance agents on LTC planning.
McCann reminds us the cost of long-term care is high and not covered generally by health insurance or government programs like Medicare (outside of skilled care for a limited amount of days).
“The effect on your savings and lifestyle can be tremendous. The impact on family also creates a huge burden. Without an advance plan the consequences of Long-Term Care get placed on the shoulders of adult children, often a daughter or daughter-in-law,” McCann explained.
He said family members have their own families, careers and responsibilities.
“Most people just don’t want to place this burden on their family. Spouses are usually not able to be caregivers either because of their own health or age. Caregiving is not easy. Managing outside caregivers also is a big responsibility. Pressure to do the right thing and manage your money while dealing with the emotions of the situation is hard for most anyone,” McCann said.
Former First Lady Rosalynn Carter said, “There are only four kinds of people in the world: those who have been caregivers, those who are currently caregivers, those who will be caregivers, and those who will need caregivers.”
“LTC Awareness month gives us the time to think, plan and act. We need to make sure our older family members are doing ok. In today’s society we often don’t see extended family as much as we would like. With the holidays fast approaching this is a perfect time to check to see if they are living in a safe environment. Do they need help and assistance with normal living activities. Do we need to help advocate for them for quality care and assistance? These are things we should be thinking about during this month especially,” he said.
McCann notes that the best time to plan for your own future needs is before you retire.
“Long-Term Care Insurance is Easy and Affordable Asset Protection. When designed by a specialist who understands underwriting, claims and policy design an affordable plan can be put in place to safeguard retirement savings like a 401(k) IRA and 403(b). This is where a specialist comes into play,” McCann said.
McCann works with consumers nationwide. He also helps local agents and advisors design plans for their clients.
He suggests a number of online resources which are valuable for planning and education during Long-Term Care Awareness Month:
US Department of Health and Human Services – https://longtermcare.acl.gov/
LTC News – www.ltcnews.com
White House Department on Aging – Caregiving Resources – https://archive.whitehouseconferenceonaging.gov/happening/resources-caregivers.html
American Association for Long-Term Care Insurance (AALTCI) – www.aaltci.org
Plus McCann’s website has outstanding resource information available to consumers and financial professionals – https://mccannltc.net/resources
“Peace-of-mind is something most of us desire. Use this November to give the gift of peace-of-mind and safeguard your savings with affordable LTC Insurance,” McCann said.
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