November is Long-Term Care Awareness Month, a time to raise awareness about the importance of planning for the future costs and burdens of aging and to ensure that loved ones who need care now have access to quality care options.

Matt McCann, a leading national expert on long-term care planning and Long-Term Care Insurance, told insurance agents and financial planners in southern California that aging is an inevitable part of life, and with it comes the responsibility to plan ahead. The costs and burdens associated with long-term care can be overwhelming, especially if not prepared for in advance.

Millions of Americans are impacted by the demands of long-term care, underscoring the urgency for thorough and proactive planning. As life expectancies increase, so do the chances of facing chronic conditions, accidents, mobility challenges, dementia, and the general frailties associated with aging. These circumstances often necessitate assistance with everyday activities and supervision to manage memory-related issues. As the expenses associated with long-term care continue to rise, even individuals with significant assets can find the costs staggering.

McCann explained that long-term care is any care that helps people with activities of daily living (ADLs) and the related instrumental activities of daily living (IADLs.) ADLs are basic self-care tasks that people need to be able to do to live independently. There are six ADLs:

• Bathing: Getting clean and dressed.
• Dressing: Putting on and taking off clothes.
• Toileting: Using the toilet and cleaning oneself.
• Transferring: Moving from one place to another, such as from a bed to a chair.
• Continence: Controlling one's bladder and bowels.
• Eating: The ability to feed oneself (getting food from a plate into your body), including, if required by feeding tube or IV.

IADLs are complex activities that require organization, planning, and judgment. They are essential for living independently in the community. IADLs include:

• Managing finances: This includes paying bills, balancing a checkbook, and managing investments.
• Managing transportation: This includes driving, using public transportation, or arranging rides.
• Shopping and running errands: This includes buying groceries, preparing meals, and doing laundry.
• Housekeeping and home maintenance: This includes keeping the house clean, making minor repairs, and yard work.
• Communicating: This includes using the telephone, email, and social media.
• Managing medications: This includes taking medications as prescribed, refilling prescriptions, and managing side effects.

Long-term care services can be provided in various settings, including nursing homes, assisted living facilities, and at home.

Long-Term Care Impacts Families and Finances 

McCann emphasized that the repercussions of long-term care extend to both familial relationships and financial stability. The desire is for quality care, ither at home or in a facility of someone's choice.

Typically, it falls upon untrained and unpaid family members, such as an aging spouse or adult children, to step in as caregivers. Yet, the capacity of an older spouse to offer sufficient care is often restricted and can lead to significant stress. Meanwhile, adult children are left to juggle their professional responsibilities and personal lives, all while taking on the role of a caregiver.

LTC Costs Rising Nationwide

The cost of long-term care can be significant. According to the LTC News Cost of Care Calculator, the median monthly cost of a month of in-home care (based on a 44-hour week) averages $5,852 in the Los Angeles area and $5,553 a month in the San Diego area. 

Assisted living and nursing home is costly and can vary depending on where someone lives. McCann explained that the cost of care can even vary dramatically statewide.

California Long-Term Care Costs Throughout the State

McCann told the group that the cost of care varies nationwide, but no matter the cost and where someone may live, the consequences on families and finances are substantial. 

The majority of individuals lack the financial reserves to pay for long-term care services on their own. Even those with a substantial retirement savings can experience alterations in their quality of life and impact the legacy they leave behind, not to mention the potential strain placed on loved ones, all due to a lack of proper planning.

For those with limited resources, Medicaid (MediCal in California) can offer resources for care. Medicaid has strict eligibility requirements, and many people do not qualify.

LTC Insurance - An Affordable Solution for Many

Long-Term Care Insurance can help people pay for the cost of care, but you must have a policy before your health changes. McCann said many people think if they are healthy, they can wait, but it is good health that gives an individual the opportunity to plan.

Many financial advisors and general insurance agents lack an understanding of underwriting. Consumers generally are unaware of the differences between insurance companies and their guidelines. Consumers should seek help from a qualified independent Long-Term Care Insurance specialist to help them shop and compare.

McCann advocates for collaboration between general insurance agents, financial advisors, and Long-Term Care Insurance specialists. He emphasizes that partnering with specialists like himself can enhance their ability to assist clients in securing coverage that is both cost-effective and suitable for their needs.

McCann and his firm, McCann Insurance Services, help people nationwide find affordable solutions for long-term care. Offering all types of products, including traditional LTC Insurance (including partnership certified plans), hybrid policies with death benefits, and short-term cash indemnity policies, there is usually an affordable option for most people.

His firm has partnered with Platinum LTC Solutions, an elite group of proven Long-Term Care Insurance specialists that help consumers nationwide and their advisors. 

McCann told the group that November is an ideal time to discover ways to safeguard future income and assets from the growing cost and impact of long-term care. 

Securing coverage during your 40s or 50s is optimal, though viable and budget-friendly options may still be available into your 60s and later, contingent on your health status. Remember that factors such as age, health condition, family medical history, and the range of benefits outlined in a policy all play a role in determining premium costs.

McCann Helps People Nationwide

McCann is licensed in all 50 states and the District of Columbia. He represents all the major brands in long-term care planning. His unique process allows you to speak with him on the phone and view his computer screen, allowing someone to become educated about options, research, and shop safely and efficiently. 

Insurance premiums are regulated, and every insurance company must file its products and pricing with each state for approval before being allowed to offer any product to a consumer. 

Long-Term Care Insurance Cost: Factors, Considerations and Price Ranges

You can get free and accurate quotes from all the top companies, along with professional recommendations -  Free and Accurate Quotes.

Media Availability

McCann is available for radio, TV, and podcast interviews. He also speaks to groups and organizations worldwide on the issues of aging, caregiving, health, and long-term care. Contact McCann through his website for information