The need for long-term health care can be sudden or happen over a period of time of aging and health decline. Many families don't understand the challenges and burdens that being a caregiver will have on the entire family.

This message of the challenges of caregiving came from a leading expert on long-term health care delivered to insurance and financial professionals in Kansas and Missouri. 

Matt McCann told the group that while it is essential to discuss the financial impact of future long-term health care, the problem of family caregivers is just as important.

"There is little question that family caregivers face many challenges. These challenges include more than just the financial repercussions a family caregiver faces when taking on the role of being a caregiver for a parent. The physical and emotional well-being of the caregiver is often impacted negatively. Once the job of being a caregiver ends, the emotions don't end."

Matt McCann

Long Recovery Process for Caregivers

McCann explained that there is a long process of recovering from being a caregiver. Family caregivers often ignore their health, so they must address the physical decline that often occurs due to the stress and demands of being a caregiver. However, there are powerful emotional issues to adjust to, including feelings of grief.

"Too many family caregivers feel they didn't do enough for their loved one. Many caregivers also feel guilty that they neglected their spouse and children as they put their time and effort into being a caregiver."

Adult children make up most unpaid family caregivers. Older spouses make up only a small percentage as the job is too difficult. Either way, once the caregiving stops, the emotional and physical impact on the caregiver doesn't end.

Being a Family Caregiver is Challenging - Once the Job Ends, the Challenges Don't End | LTC News

Long-Term Health Care Planning Critical Part of Retirement Plan

McCann said too many people fail to prepare for the financial costs and burdens of aging. Family members, often a daughter or daughter-in-law, try to balance their careers and families with the role of caregiver. Being a family caregiver can cause severe mental and physical stress. It also causes regret and guilt.

"We know long-term health care services are expensive. These costs are undoubtedly exploding nationwide, including throughout Kansas and Missouri. Professional caregivers are trained to provide quality care, be it in a care recipient's home or a facility like assisted living. Unless someone has a plan in place before their health declines and they get older their family will face a crisis nobody wants."

LTC Tax Headed Your Way?

McCann reminded the group that several states are now considering following the State of Washington in implementing a tax on 100% of earned income on anyone without a qualified Long-Term Care Insurance policy. States like California, New York, Minnesota, Illinois, and Michigan are states many would expect. However, Missouri is a state that has discussed its LTC tax. 

Owning a tax-qualified Long-Term Care Insurance policy (meeting federal guidelines under Section 7702(b) of U.S. Code) will allow you to avoid any future tax.

It's About Family and Finances 

However, McCann says long-term health care planning is more than just about avoiding a potential tax. It is about family, access to quality care, and protecting your income and assets to maintain a retirement lifestyle and a legacy for children and grandchildren.

"Most people who have obtained Long-Term Care Insurance have been in their 50s when they put their policy in place. Considering the potential tax in many states, the time to prepare is now."

McCann said consumers should seek more information when reading articles about Long-Term Care Insurance being unaffordable. 

"Long-Term Care Insurance is custom designed, and premiums can vary over 100% between insurance companies. Many financial advisors and general insurance agents are teaming up with experienced Long-Term Care Insurance specialists to find appropriate coverage at the lowest costs."

How Much Does Long-Term Care Insurance Cost? | LTC News

Partnership LTC Insurance Provides Additional Asset Protection

Most states, including Kansas and Missouri, offer Partnership Long-Term Care Insurance policies that provide additional dollar-ford-dollar asset protection. McCann says this is one of the biggest secrets in retirement planning.

Several types of qualified Long-Term Care Insurance policies are available, and a specialist can discuss the advantages of each. 

Long-Term Care Insurance gives you guaranteed tax-free benefits giving you access to your choice of quality care, even at home. 

"With a policy in place, your assets will be protected, lifestyle maintained, legacy intact, and your family will have time to be family. That ensures peace of mind." 

McCann Helps People Nationwide

McCann is licensed nationwide and works with the major companies. His unique process allows you to view his computer screen as you speak with him safely on the phone. He also works with insurance agents and financial advisors to assist them with their clients.

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.