There may be a new administration coming to power, but how the federal government deals with long-term care is probably not going to change much. Nationally known expert on long-term care planning, Matt McCann, told a group of financial advisors during a Zoom meeting in Knoxville, Tennessee, not to expect significant policy changes with the Biden administration on how they will address long-term health care. 

"Since President Clinton signed the original Health Insurance Portability and Accountability Act, every administration has had a similar policy in this area. The federal government has been telling the American people that it is their responsibility to plan for their future costs and burdens of aging. I don't expect significant changes with the Biden administration," said McCann.

McCann said since President Bush signed the Deficit Reduction Act in 2005, we have had little change. He said Presidents Obama and Trump had maintained the tax incentives that are available with Long-Term Care Insurance. 

"President-Elect Biden has been on record for increasing tax incentives that are already available for LTC Insurance. He is also on record for adding tax incentives for family caregivers for those already needing care and ineligible for Long-Term Care Insurance coverage. We should see some movement to increase the availability of in-home care for those eligible for Medicaid. From Clinton to Biden, the bottom line is that you need to prepare for future long-term health care unless you have little or no assets," McCann explained.

He told the group that for many American families, affordable Long-Term Care Insurance is an ideal solution. The policyholder will have access to their choice of quality care in the setting they desire.

"When you own an LTC policy, you maintain control and independence and avoid dependency on family members. The guaranteed tax-free benefits safeguard income and savings and provide the time the family needs to be family and not take on the role of being a caregiver," he said.

McCann noted that many financial professionals and insurance agents look at long-term health care planning as only a financial concern. He says he looks at long-term care planning from a bigger perspective.

"Yes, long-term care is a cash flow issue that needs to be addressed. However, it is much more than just being about money. The fact is long-term care is a family problem as well. A good Long-Term Care Insurance policy will prepare the family and finances for the many challenges that come with longevity," McCann said. 

McCann says there are several options available. He says many financial professionals only look at hybrid options; in many cases, traditional, including partnership certified policies, can provide affordable benefits to safeguard income and assets and ease the stress otherwise placed on the family.

He suggests consumers and their advisors to work with Long-Term Care Insurance specialists who work with the major companies and understand all the available options. LTC Insurance is medically underwritten, and every company has their own guidelines. Plus, McCann noted that premiums can vary over 100% between insurance companies for the same coverage.

McCann said the perfect time to obtain coverage is when you are in your 40s or 50s, when premiums are much lower, and you are more likely to qualify for preferred health rates.  

He said a good source for both consumers and financial professionals the planning guide available on LTC NEWS. The LTC NEWS Ultimate Long-Term Care Guide is an outstanding resource, according to McCann. He also suggests visiting his website, which has many tools available as well.

McCann works with consumers nationwide, helping them plan for the financial costs and burdens of aging. He is licensed in every state and the District of Columbia and works with the major insurance companies and their many long-term care solution products. 

He said is often works with financial advisors and general insurance agents to help their clients find affordable solutions. 

Consumers can seek his assistance directly by contacting him from his website or calling his office – 866-751-7957. McCann is also available for speeches and media interviews.