Long-Term Care Planning Requires Proactive Action

We are living in crazy times. Yet, too many people react to events after they occur instead of being proactive. Planning longevity and long-term health care is the best planning before we retire when we have more choices.

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Long-Term Care Planning Requires Proactive Action
5 Min Read May 5th, 2020

Reacting to events without an advance plan always leads to crisis management. With crisis management often comes poor decisions. These poor decisions adversely impact you and your family … especially when we are discussing the future financial costs and related burdens of aging and health issues.

You, like many Americans, might think you will never need long-term health care. You might think you have enough money to pay for any extended care needs you may incur. Perhaps you think your daughter will be able to quit her job – and her family – and become your future caregiver. Maybe you are wrong.

Several Reasons People Require Extended Health Care

We will need long-term health care due to an illness, an accident, or just the consequences of getting older. When we hit a certain age milestones, our risk of needing some type of long-term care service or support increases dramatically. Think about what you might need when you are 70, 75, 80, 85, or beyond.

A 54-year-old male should live comfortably into their early 80s. However, a 54-female is expected to live even longer to her upper 80s. Not only will we face physical changes which will require us to need help and assistance with our normal activities, but with longevity comes a higher risk of cognitive decline. So much for our golden years!

As we get older, we suffer from more chronic health issues, which will mean we will need both custodial and skilled care services. Most of the cost of this care will not be paid for by any type of health insurance, including Medicare and supplements. Only Long-Term Care Insurance will offer you guaranteed tax-free benefits to safeguard your savings and income and reduce the tremendous stress and burdens otherwise placed on your family. 

Virus Crisis is One of Many Unexpected Events

The recent virus crisis shows how depending on your investments is not a good plan. Unexpected events, even in a good economy, create market losses. There will be other events in the future that will create unexpected market losses. These losses are often taxable gains as well. Not only are you using your own money, but you are doing so in a very costly and risky manner.

Plus, using your own funds to pay for care doesn’t reduce the stress on your family. It will be an adult son or daughter that will decide which accounts to liquidate and which types of care that you will receive. The fact is you might not make the same decisions your family may make if you had the full control.

Being Proactive is the Best Plan

You need to be proactive and plan in advance for the financial costs and burdens of aging. The easy and affordable solution is Long-Term Care Insurance. These policies offer you guaranteed benefits providing you with access to your choice of quality care. You get to decide whether you get care in your own home or in a facility of your choice – including assisted living. 

An LTC policy gives you the control and and offers you independence. A Long-Term Care Insurance policy does a lot more than just that. It provides your family the time to be family. You avoid crisis management. Your preserve savings, lifestyle, and legacy as well. Your family, meanwhile, has the time to be loving and supporting. 

Today’s LTC Insurance is Affordable and Custom Designed

Today’s Long-Term Care Insurance policies are affordable and rate stable. This is something many financial advisors and general insurance agents don’t understand. Most states now have rate stabilization rules, which make it very difficult to raise premiums in the future. 

Forty-five states offer Partnership Long-Term Care Insurance plans that provide dollar-for-dollar asset protection. This is perhaps one of the biggest secrets in retirement planning. Even a small plan can provide tremendous asset protection and peace-of-mind. Yet again, few financial advisors and general insurance agents know the power of Partnership Long-Term Care Insurance. LTC Insurance specialists have the training and experience to help you decide if a partnership policy is your best option. 

Long-Term Care Insurance is custom designed, so you get to design a policy to fit your needs. An experienced and qualified Long-Term Care Insurance specialist, like myself, not only offers you accurate quotes from all the major insurance companies but provides professional recommendations based on your needs and concerns.

Financial Advisors and Insurance Agents Often Lack Knowledge

Every insurance company has different underwriting standards, so matching you with the right insurance company is vital. Premiums also vary dramatically for the exact same coverage. Most insurance agents and financial advisors only work with one or two companies, a specialist works with all the major companies and will match you with the most affordable plan.

Some companies offer single pay or limited pay options as well, which eliminates the need to keep paying premiums. Limited duration or short-term policies provide benefits for those who may be older or have health issues that limit their options.

Don’t sit and watch the business channel on TV show your assets going up and down all day. You don’t need that kind of stress. Instead, put in place an affordable Long-Term Care policy and give you and your family peace-of-mind.

The best time to start planning is in your 40s or 50s when you still enjoy good health and have the most affordable options. Remember, the fact is Long-Term Care Insurance is easy, affordable, and rate stable income and asset protection.

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About the Author

Matt McCann is a nationally known expert on Long-Term Care planning and assists people nationwide using his unique process where they speak with him on the phone while seeing his computer screen on their computer. With 20 years of experience, he works with all the major companies in Long-Term Care.

LTC News Contributor Matt McCann

Matt McCann

Contributor since May 5th, 2020

Editor's Note

While insurance premiums and policies are regulated, there are differences in premiums, features, and underwriting. Some Long-Term Care Insurance policies are partnership certified that offer dollar-for-dollar asset protection.

The premiums, even with the same coverage, can differ over 100% between insurance companies. Once you decide that protecting your savings and income from the high costs and burdens created by long-term health care is essential to your retirement plan, you want to make sure you have the right plan in place.

Start your research by finding the current cost of long-term care services by looking for your state by clicking here

Find a Qualified Specialist

Avoid the temptation of finding help from a financial advisor or general insurance agent since they usually lack the skills and experience when it comes to Long-Term Care Insurance. 

Be sure to seek the assistance of a qualified and trusted Long-Term Care Insurance specialist. This specialist should have significant experience and represent multiple companies.

They will not only educate you on your options but provide you with accurate quotes and professional recommendations. They will match your age, health, and family history with the most affordable option from all the leading insurance companies. 

Find a qualified and trusted specialist in Long-Term Care Insurance by clicking here.

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