The default attitude about long-term care is often “it’s covered,” despite the fact most people have not spent much time preparing for the future costs and burdens of changing health and aging.
“Most families face a crisis when a parent needs care,” said Matt McCann, a leading expert on long-term care planning. “People need care due to an illness, accident, or the impact of aging. Health insurance and Medicare will not pay for most long-term care services. Medicaid will pay but only if you have little or no income and assets. Long-Term Care Insurance will pay, but you must have a policy in place before you need care.”
McCann suggests taking a moment to answer these questions:
- Which one of your children, or their spouses, would take charge if you need long-term health care tomorrow?
- Which account would they liquidate first to pay for your care?
- How long would the money last? Would they, or other family members, have to provide some or all of your care?
- Are your loved ones prepared and trained to provide long-term care services? Could they juggle their career and family responsibilities to do so?
- If your care lasted for years, how would that affect your family emotionally and physically?
- Have you had a discussion with your family about long-term health care and your preferences? Would you want the full responsibility of your future caregiving and managing care on their shoulders?
About half of us will need long-term care services at some point in our life. The costs of care services are expensive and increase every year, according to the Cost of Care Calculator - Choose Your State | LTC News.
The cost of long-term care will affect your income, assets, lifestyle, and legacy. The solution for many families is affordable Long-Term Care Insurance. The ideal time to purchase a policy is in your 40s, or 50s, according to Younger Is Better When You Want Affordable Long-Term Care Insurance Coverage | LTC News.
McCann represents the top companies and helps people nationwide. His unique process allows consumers to speak with him on the phone while viewing his computer screen on their device.
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McCann Insurance Services: 866.751.7957: www.mccannltc.net