Episode: Why Long Term Care Insurance Should Be Part Of A Financial Plan
A discussion regarding how Long Term Care Insurance can be an important part of planning
Jesse Slome: Hi, I'm Jesse Slome, Director of the American Association for Long-Term Care Insurance. We're a national trade group. Joining me is Matt McCann, one of the nation's leading long-term care insurance producers. So Matt, long-term care insurance should be part of a smart retirement plan, right?
Matt McCann: Oh, absolutely. When I first started in this business, it was an afterthought. People in their mid to upper 60s, early 70s thought, "Oh, gee. Maybe I should do something," because they saw their peers start going down and needing extended long-term healthcare.
Today people understand that long-term care is something that's happening to their parents, other family members, and they need to protect their 401(k)s, their IRAs, other assets from the high cost of extended care, not to forget about the burden that that care can impact a family. So, people look at this as part of their retirement planning when they're in their 40s and 50s, when it's extremely affordable and they're more likely to get coverage.
Jesse Slome: I always tell people, in my opinion, the sweet spot for applying for this, for long-term care insurance, is between your mid-50s and your mid-60s. Do it before you qualify for Medicare, because that's when you start going for a lot of those free Medicare health exams that are very likely to ... The good news is they're going to uncover something. The bad news is they're going to uncover something, and that could make you ineligible for long-term care insurance.
Matt McCann: Absolutely. They talk about the fragile 50s, but many times the health events that happen in your 50s don't get discovered until your early to mid-60s.
Jesse Slome: 60.
Matt McCann: So, doing this when you're younger, you're healthier, and premiums are extremely affordable is absolutely key.
Jesse Slome: It's a smart move. Well, to find an endorsed long-term care insurance specialist who can compare all the insurers, get you the best information, and that's really where they always start, with information followed up by comparisons of costs. To find one like Matt, call the American Association for Long-Term Care Insurance at (818) 597-3227 or visit our website. We'll be only too happy to help connect you. Thanks.