CHICAGO, July 15, 2016 /PRNewswire/ -- More people than ever are looking at ways to safeguard their future retirement income from the financial costs and burdens of Long Term Health Care, says Matt McCann, a nationally known expert on Long Term Care Planning. These costs can have a dramatic impact on a person's 401(k), 403(b), IRA and other assets. Many experts recommend Long Term Care Insurance as a way to protect a family's assets and ease the burden on loved ones.
"Some people feel frustrated on how to find the right plan and design it correctly," said McCann.
McCann says shopping for the right plan can be very easy if you find the right expert to guide you with recommendations based on your individual situation.
"Unfortunately not many insurance agents or financial advisors understand how these plans work or how they are underwritten. They just do not have the experience. The good news is there are LTC specialists that exist that, like myself, help people throughout the country find affordable plans so they can have the peace-of-mind that the consequences of an extended care situation will be lessened on their family," McCann said.
The risk of needing LTC is high and so are the costs. The US Department of Health and Human Services says if you reach the age of 65 you will have a 70 percent chance of needing some type of LTC service before you die. The better health you have now the longer you will live.
"People require LTC due to illnesses, accidents or the impact of aging. As we live longer more of us will suffer from memory issues. The Alzheimer's Association says 1 in 3 seniors will die with some form of Alzheimer's or dementia. In 2015, more than 15 million caregivers provided an estimated 18.1 billion hours of unpaid care. When people don't plan ahead with affordable LTC Insurance the burden of caregiving is placed on a person's family and their wallets," McCann explained.
"Cost of care can vary depending on location. A LTC Specialist will ask you about your retirement plans and make recommendations based on where you live or plan on living, how your future retirement will be financed, your health history, your family history and other concerns you may have. A real specialist will work with all the top insurance companies and design an affordable plan based on your situation," said McCann.
Most states have partnership plans that provide additional dollar-for-dollar asset protection – or what is referred to as asset disregard.
"My philosophy is to make a catastrophic situation manageable so you can address the physical, emotional and financial burdens that LTC places on the American family. Most people I speak with are in their 40's and 50's and want to add affordable LTC insurance as part of their retirement plan," McCann noted.
He says a good plan will also allow adult children to be loving and supporting and not start fighting about who is doing what and how much money is being spent.
Less people are willing to risk 'self-insuring' these costs because of the high cost of care and the market fluctuations like we saw just recently in the aftermath of Brexit and other world events. He notes that most plans include provide discounts and case management which make it easier on family members.
You can Visit Matt McCann's website for information on LTC Planning including quotes and personal consultations: http://mccannltc.net/.
McCann also uses a number of other websites as outstanding resources:
LTC Planning News is an outstanding resource that has articles, links, and videos on LTC Planning: http://longtermcareplanningnews.com/.
The US Department of Health & Human Services LTC site: http://longtermcare.gov/.
The American Association for Long Term Care Insurance (AALTCI): http://www.aaltci.org/.
"Don't just let things happen and place the burden of caregiving on your spouse or adult children. LTC insurance is affordable and easy," McCann said.
You can call McCann's office at 866-751-7957. His email is: [email protected]
SOURCE Matt McCann