By the time you reach age 40, you should have money set aside for your future retirement. Unfortunately, the COVID-19 virus crisis has caused many people to stop contributing to their employer's 401(k) or other retirement accounts.

Uncertainty of world events, health, employment, and other factors paralyze some people from planning. The COVID-19 crisis has shown how many people require long-term health care and the consequences that changing health and aging has on the entire family.

"The problem of long-term health care was largely hidden to the mass population before the pandemic. Unfortunately, it took this crisis for most of us to understand how many people require extended health care either in their homes or some long-term care facility. However, the consequences of aging didn't surprise everyone. Many American families understand firsthand the physical, emotional, and financial burdens that long-term health care places on families and finances," said Matt McCann, a nationally known expert on long-term care planning.

McCann explains that there are only a few ways to plan for the future changes in your health, body, and mind that will result in a person needing help with daily activities or supervision due to cognitive decline. 

"Too many people still believe that their health insurance, or Medicare, or supplements, will pay for long-term health care services. But, once they face the problem firsthand with a loved one, it is too late," McCann noted.

Health insurance and Medicare will pay a limited amount for skilled long-term care services; however, they pay nothing toward custodial care, which most people require. Custodial care is assistance with activities of daily living or supervision due to memory loss.   

Medicaid will pay for this type of extended care, but you must have little or no income and assets to qualify. Long-Term Care Insurance will also pay for all types of long-term care, but you must have your policy in force before your health starts changing. 

"When you need long-term health care you will either pay for care yourself, have family members become caregivers, use Long-Term Care Insurance, or use Medicaid if you have little or no assets. Medicaid has become the largest payer of long-term care in the U.S., but if you have assets, you want to protect them," McCann said.

Depending on family members is problematic. The role of a family caregiver is demanding physically and emotionally. In addition, your adult children will have their jobs, families, and other responsibilities to be concerned with. 

"The financial costs and burdens of aging will impact your income, savings, and your family. A Long-Term Care Insurance policy will safeguard assets and ease the burden that is otherwise placed on your family," said McCann

A report from the AARP says 53 million adults are unpaid family caregivers in the United States today. Unfortunately, the caregiving role is demanding and creates stress and anxiety for everyone involved. 

Since family members, including spouses, are not the best options for long-term health care, many families will spend savings on paid care services. But, sadly, the costs of quality in-home care - or assisted living - are expensive.

"We see long-term health care costs increasing as demand increases and labor costs increase with the demand. The costs do vary depending on where you live," McCann added.

The LTC NEWS Cost of Care Calculator displays the care costs nationwide. For example, the average for in-home care, based on a 44 hour week, in Milwaukee, Wisconsin, is now about $4800 a month. However, in Boise City, Idaho, the average cost is just over $3900 a month. 

McCann explains that too many people want to delay their planning until they get older or think, incorrectly, that it will never happen to them. 

"There is no question that as we get older, we see changes in our health and our bodies. Compare today's 'you' with the 25-year-old 'you.' Now fast forward another 15, 20, 25 years down the road. Aging happens, and we cannot be in denial of this fact," McCann said.

McCann says the best time to obtain coverage is before your retirement, ideally in your 40s or 50s, when you still have reasonably good health and can qualify for preferred health rates. 

"Premiums vary over 100% between insurance companies, so working with a Long-Term Care Insurance specialist is essential to save you money and design an appropriate plan. 

McCann's website has many resources to help consumers and their financial advisors - www.mccannltc.net/resources. Shop the top companies from one trusted source. Get free and accurate quotes along with professional recommendations - https://mccannltc.net/quote .