Despite the many challenges we face due to the continuing virus crisis and political and economic uncertainties, a leading expert on long-term care planning reminds us we control our feelings and how we respond to them. 

"It is hard sometimes to listen to the radio or watch TV and stay optimistic about the future. Many people feel anxious and often become paralyzed. Yet, others are still focused on moving forward and finding ways to continue with their careers, businesses, and their families despite the issues we face. We control how we respond to the world we live in, and taking positive, proactive action will benefit you and your family," said Matt McCann, a nationally recognized expert on long-term health care planning.

Planning for future costs and burdens of long-term care is one way to reduce the stress and anxiety that can otherwise be placed on loved ones. Speaking on a Zoom conference with insurance and retirement planners in Kansas City, McCann said one thing learned from the COVID-19 experience is many of us are unprepared for a crisis. 

"I have seen how a long-term health care event creates a family crisis when you are unprepared for the consequences that come with a long-term health care event. This has not changed in the twenty-one years I have been in this industry. While many people only look at the financial impact long-term care costs can have on a family's finances, too many people ignore the consequences of long-term care has on the family. We see these consequences on a grand scale now during this virus crisis," McCann said.

McCann said long-term care is both a cash flow problem and a family problem. Without some plan in place, the family goes into crisis mode. Decisions are made on the fly and may not be the best choices had the family been prepared in advance. Yet, too many people are not thinking about planning because of their anxiety about the world around them.

"People require long-term health care due to an illness, accident, or the impact of aging. The cost of care is expensive, and we see these costs increase even more due to COVID-19. Family members are unable and unprepared to be caregivers. Paid care creates cash flow problems. Families prefer loved ones to stay in their own home for extended care if possible. How will your family approach your future care in the decades ahead? Are you prepared? If not, you need a plan. Everyone needs a plan," McCann said.

While McCann acknowledges that we all have many things to worry about today. However, he says by taking a positive and proactive approach will give you and your family peace-of-mind. 

"We see firsthand today that it is stressful dealing with older family members or those who are suffering from health concerns, particularly when you are physically distancing. Hopefully, in the future, we will beat COVID-19, and the amount of social distancing will diminish. However, families still live apart, and that trend will continue. The cost of long-term care services will continue to rise, adversely impacting income, lifestyle, and legacy. There is an easy and affordable solution," McCann added.

While the last thing most people want to do is buy insurance, McCann says Long-Term Care Insurance safeguards income and assets and gives your family the time to be family. 

"We see how families are being affected by COVID-19 and long-term care. Caregivers are facing tremendous challenges keeping the care recipient and themselves safe. Family caregivers, who have always had pressure and anxiety providing care and maintaining their careers and family relationships, now face the concern about safety because of the virus. For those people who have Long-Term Care Insurance, the stress and pressures are reduced for everyone," he explained. 

McCann said the time to purchase Long-Term Care Insurance is when you are younger and healthier. The ideal time is in your 40s or 50s when premiums are much more affordable. Long-Term Care Insurance is medically underwritten, so you much enjoy reasonably good health to obtain coverage. 

He outlined several types of policies that are available:

Traditional/Partnership Certified - Most consumers purchase these affordable plans that provide an abundance of benefits and choices. In 45 states, Partnership policies are available that provide dollar-for-dollar asset protection.

Hybrid - Asset Based - Some consumers select this type of policy that combines life insurance or annuity with long-term care coverage. Be careful, as many of these products are not really providing adequate long-term care coverage or have policy language that limits your ability to obtain benefits. However, several very good plans exist that offer a death benefit along with long-term care benefits. These plans are more expensive and often are paid with one larger premium.

Limited-Duration/Short-Term - Some states offer these limited policies that provide one or two years of coverage. The big attraction is they will consider consumers with pre-existing health issues that traditional or hybrid plans would not. 

McCann said it is important to seek help from a qualified Long-Term Care Insurance specialist. The specialist should work with the major companies and have a substantial understanding of underwriting, policy design, and claims. 

McCann helps consumers nationwide. He assists insurance agents and financial advisors with their clients as well. With over 20 years of experience, McCann is licensed in all 50 states and the District of Columbia. He can also discuss the many tax advantages available.

"Specialists like myself can find very affordable coverage that matches their age, health, family history, and their concerns. When I process claims, the families are pleased a plan was put in place. You can ease the stress and burden on your family by taking proactive action now," McCann said.

He recommends reading The Ultimate Long-Term Care Guide to start your research in long-term care planning. You can find the current and future cost of long-term health care by using the LTC NEWS Cost of Care Calculator. 

McCann's website also has many resources: www.mccannltc.net