American is getting older. Generation X and Late Boomers
are aging in mass and joining the remaining Baby Boomers who are still enjoying
longevity. If you are age 40 and older you better have a solid plan to enjoy a
successful future retirement. However, too many American families ignore
perhaps the biggest challenge, how to address the high costs and burdens that come
with getting older.
Speaking to financial professionals in Grand Rapids, Matt
McCann, a nationally known specialist in Long-Term Care Insurance and long-term
care planning, said too many insurance agents and financial advisers are
unaware of an easy and affordable way to protect a family’s savings from the
costs of long-term health care.
“Many Americans, including those who should know, are
unaware of the Long-Term Care Partnership Program. 44 states have active
programs in place. If an individual owns a qualified partnership Long-Term Care
Insurance policy, they are eligible for dollar-for-dollar asset protection.
This means the policy owners will never be forced to exhaust all their assets even
if they exhaust all their insurance benefits. This allows financial
professionals to design a very affordable policy which safeguards the consumer’s
assets. Since these policies are custom designed, you can design a plan that
directly matches their financial position,” McCann said.
McCann said while too many people are fixated on crazy
events in Washington, both consumers and professional insurance agents and financial
advisors need to keep their eye on retirement planning. Since the risk of
needing long-term care services are high and get bigger with age, it is
essential to put a plan in place before retirement.
“We must explore all the facts. Most of us are aware that
planning for retirement is essential to do in advance. For people in their 40s
and 50s, they better have concrete plans in place and if they don’t, they
should work toward that goal right away. We also need to understand longevity
is a big obstacle. With aging comes the increased risk of needing long-term
care services. Without a plan in place these extended care costs will be paid
out of income and savings or your family will become caregivers. Perhaps both.
There is a better solution,” McCann explained.
According to McCann, additional government solutions for
long-term care are not on the horizon. Two government programs exist for
long-term care. Medicaid provides benefits for those with little or no assets. While
he explains that there might be some expansion of how that care might be
delivered, no additional benefits will be provided.
“The federal government has already run these numbers on
a bi-partisan basis. Despite what some candidates might say, the cost of expanding
long-term care benefits are too great. Medicaid will continue to be here for
those who need it. However, Medicaid is never the goal or the solution for most
American families,” McCann said.
The biggest secret in retirement planning, according to
McCann, is the partnership program.
“Too many people are unaware of the power of this
program. Too many people think Long-Term Care Insurance is expensive. Too many
financial professionals don’t have a solid understanding of these products and
how to design affordable plans,” McCann said.
McCann urged financial advisers and general insurance
agents to team-up with Long-Term Care Insurance specialists who have a solid understanding
of product features, underwriting standards, and claims.
“This will give more American families access to their
choice of quality care, asset protection, and peace-of-mind. By working with a
specialist, American families will see how easy and affordable these plans can
be. They will not only safeguard savings and income but reduce the tremendous
stress and burden otherwise placed on family members,” McCann explained.
McCann urged to not allow news events to paralyze their
planning that they really need to get set in place. He said the best time to
start planning is well before retirement, in your 40s and 50s, when premiums
are low and the most options are available to choose from.
“We must understand that we must live our lives no matter
what craziness is going on in Washington or anywhere in the world. We are
responsible for our families, not anyone else,” McCann said.
McCann said research should start with finding the
current and future cost of long-term care services in your area. This
calculator will be very helpful: https://www.ltcnews.com/resources/states.
McCann assists consumers nationwide using a unique method
where he speaks with a consumer on the telephone while viewing his computer
screen on their computer. This provides a pressure-free way to learn about
these products and their various options available from the many companies
available. He also works with many financial advisers helping them assist their
clients.
Consumers can learn more about long-term care planning at
https://mccannltc.net/resources/faq.
On his website, there is a link to obtain free quotes from all the major
companies.
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