Teachers Told Long Term Health Care Planning is Essential for Retirement

A leading Long-Term Care Planning expert tells teachers that planning for Long Term Health Care is even more important now that many states are looking at changing how teacher’s retirements are funded.

Recommend This Page
Teachers Told Long Term Health Care Planning is Essential for Retirement
3 Min Read June 27th, 2015 Updated:May 30th, 2020

The nation’s teachers are paying more attention to their future retirements and concerns about aging and long-term care. According to the National Center for Education Statistics, the average age of public school teachers is 42.4. Nearly 19% of all active teachers are age 55+. 

Even though many of these teachers have defined pensions, the impact of longevity and the cost of long-term care services can dramatically impact a couple’s lifestyle and drain their savings.

Future Extended Care Will Be Both a Cash Flow Issue and Family Issue

Retirement experts say long-term care is both a cash flow issue and a family issue. Failing to consider future long-term health care will have consequences.

A nationally recognized specialist in long term health care told a group of educators in Oklahoma that planning for the financial costs and burdens of aging is essential to their retirement planning.

“Teacher’s defined pensions are under microscopes in Oklahoma and across the country. While I won’t debate the merits of defined pensions as opposed to a defined contribution program (like a 401k), the bottom line will be continued pressure by states and school districts throughout the country on how best to provide retirement for our teachers.”

 Matt McCann, a specialist in Long Term Health Care planning.

Longevity Means Higher Risk of Extended Care

McCann said that no matter which method a teacher may have, Long Term Health Care is still the biggest involuntary risk teacher’s face in enjoying their future retirements.

“The US Department of Health and Human Services says that if you reach the age of 65, you will have a 70% chance of needing some form of long-term care service. A majority of care is custodial in nature. This means help with activities of daily living or supervision due to a memory issue of some type. This is not paid for by any health insurance plan or by Medicare or Medicare Supplements. Since the cost of care is high, teachers, just like the rest of us, need to plan.”

Matt McCann

Preparing Family and Finances is Essential to Retirement Planning

McCann noted that Long-Term Care Insurance is an affordable way to plan for the physical, emotional and financial burdens long-term health care has on loved ones.

“One in three seniors will have some type of cognitive issue according to the Alzheimer’s Association. People require Long Term Health Care because of accidents, illnesses, and the impact of aging. Dementia and memory issues are just one of many reasons people require care. The advances in medical science make us more likely to need care at some point, and this cost is high. With questions on how teachers' retirements will be funded in the future, planning on Long Term Health Care is an easy and affordable way for teachers to help themselves and their families now.“

Matt McCann 

McCann has over 20 years of experience in long-term health care planning and is recognized as one of the top specialists in the nation. He assists individuals to determine if Long-Term Care Insurance is suitable if the person's health qualifies for coverage and then helps them shop for the best coverage at the best value.

“Long-Term Care Insurance is very affordable. Most of my clients are in their 40’s and 50’s and see this as an important step in their retirement planning. But remember, a long-term health care event can occur at any age. While we hope it happens when we are much older, it is not always the case. These medical advances allow us to survive health events and accidents more now than ever before. However, many times it means we need help with our daily living activities.”

Matt McCann 

This article originally appeared on News-Light.com: Teachers Told Long Term Health Care Planning is Essential for Retirement Planning - http://www.news-light.com/teachers-told-long-term-health-care-planning-is-essential-for-retirement-planning_1028361.html

Recommend This Page

About the Author

An LTC News author focusing on long-term care and aging.

LTC News Contributor James Kelly

James Kelly

Contributor since August 21st, 2017

Editor's Note

Planning for the physical, emotional, and financial burdens of long-term care is an integral part of retirement planning. You can protect your retirement accounts (401(k), IRA, SEP, 403(b)) and reduce the stress and burden otherwise placed on those you love.

The key is to plan before you retire when premiums are very affordable. Start your research by finding the current and future cost of long-term care services where you live by using the LTC NEWS cost of care calculator - just click here

Seek Help from a Qualified LTC Insurance Specialist

Always use an experienced Long-Term Care Insurance specialist who represents the major insurance companies. Find one by clicking here

You can compare the many insurance companies that offer products that address extended care by clicking here

Get Published on LTC NEWS

If you have something to say, let America hear! Write a story for publication on LTC NEWS. It should fit our target audience of adults 40-70.

Topics can include stories on:

  • health
  • long-term care
  • aging
  • retirement planning
  • caregiving

There are many other related topics, as well. You can even promote yourself, your business, and your website or blog. It must have editorial content exclusive for LTC NEWS and can't be just an advertisement. It can include links to other sites, and you can share the article link once published on your website or social media.

Email your story idea or article to: newsroom@ltcnews.com or click here.

LTC News Trusted & Verified

Get Accurate Quotes

Work With A Trusted Specialist

  • Has substantial experience in Long-Term Care Insurance
  • Strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies
man and woman sitting at desk
Connect With a Long-Term Care Specialist

Find Affordable Insurance and the Right Coverage.

LTC News Trusted & Verified
Learn More
  • Latest

  • Oldest

  • Homecare

  • Health

  • Government

  • Care Facilities

  • Pets

  • People

  • Lifestyle

  • Insurance

Step 1 of 4

Find a Specialist

Get Started Today

Trusted & Verified Specialists

Work with a trusted Long-Term Care Insurance Specialist Today

  • Has substantial experience in Long-Term Care Insurance
  • A strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies

LTC News Trusted & Verified

Compare Insurers


Claim this listing

Fill out this short form

Step Number:


Request Listing Edit

Tell us a little bit about yourself.

Step Number:


Are you a customer of this business, or are you an employee?