When it comes to future long-term health care planning, it is essential to remember that family is just as important as money. That was the message delivered by a nationally known expert on long-term care planning.

Speaking to insurance agents and financial advisors, Matt McCann said that protecting income and assets from the rising costs of long-term health care should be part of retirement planning. However, the consequences on the family cannot be ignored.

"Unpaid family caregivers may face challenging consequences when caring for an older parent. These consequences can include physical, emotional, and financial strains and loss of time and opportunity."

Long-Term Care Affects Families and Finances

McCann said long-term care is both a cash flow and a family issue. Many people, including financial professionals, ignore long-term care's impact on the entire family.

"Caring for an aging parent often requires long hours of unpaid work, which can lead to burnout and feelings of frustration and guilt. Financially, providing care for an older parent often results in loss of income or job opportunities. It also means many hours away from their spouse and children," McCann said.

Emotionally, this burden can be overwhelming, and family caregivers face depression and physical health problems. Even for those with substantial savings, a lack of a long-term care plan can still be difficult for loved ones.

"I hear from some people that they can self-fund future long-term care expenses. Even if they have millions in assets, someone will still have to decide which accounts to liquidate, find caregivers or facilities, monitor the care, and make decisions on your behalf. This is emotionally hard when making these decisions for a parent. Another question is will they make the same decisions as you would?"

Access to Quality Care

McCann says everyone deserves quality long-term care services when they need them. Family caregivers are untrained for this role. Quality care is costly, and those costs are rising rapidly nationwide.

Timing is another consideration. McCann said you can't time when you need long-term care; you can't time the markets, and you won't know what your loved ones will be doing in their lives when this happens. These unknowns should be planned for in advance.

"If someone needs care when the markets are down, you will be selling off assets at a loss. Often a loss is still a taxable gain. Either way, taxes are a consideration. When you self-fund long-term care, your care will cost more, and your family will be left dealing with all the details. There is a better way," McCann said.

Self-Funding Often Means Denial

Self-funding future long-term care is often a code of denial.

"When someone tells me they are easily affordable long-term care and will self-fund those future costs, what they are telling me is they don't think they will ever need care. Why would anyone readily agree to pay more money and burden their family if they think they may need care in the future? Since Long-Term Care Insurance is so affordable for many people the only reason someone would not plan and say they will "self-fund" is if they are convinced they will never require care."

Denial of the need for long-term care planning can have serious consequences for both individuals and their families. Failing to plan ahead can leave a person in a position where they are unable to make important decisions about their future, leading to them relying more heavily on family members and long-term health care providers.

"In talking to the adult children of someone needing long-term care, they share they are overwhelmed and frustrated that their loved ones did not plan," McCann said.

Aging Has Consequences

People require help with daily living activities or supervision due to dementia for many reasons. Chronic health problems, accidents, mobility issues, dementia, and frailty due to aging all increase the risk of needing help, and this care is expensive.

"Will you or someone you know need long-term care in the future? You either will or you won't. If you bet you will never need care and you lose, the consequences fall on your family. When I share that with someone, they realize it is better to plan instead of ignoring the issue and hoping for the best."

LTC Insurance is Medically Underwritten

McCann said too many people delay and wait too long to start planning. Long-Term Care Insurance is medically underwritten, so someone must have reasonably good health to obtain coverage. Typically most people get coverage in their 50s when premiums are still very affordable, and someone's health is still good. 

With several states considering the LTC Tax, acting sooner makes sense. While avoiding a tax should not be a primary reason for getting a Long-Term Care policy, it could be a bonus. But McCann notes many people are unaware of several government benefits and tax incentives they can take advantage of when they have Long-Term Care Insurance.

McCann says those who are self-employed or own an LLC, S-Corp, or C-Corp can deduct the premium without offering coverage to anyone else. In addition, someone with a Health Savings Account can use the pre-tax money from their account to pay the premium.

Most states also participate in the partnership program. Partnership Long-Term Care Insurance provides additional asset protection.

"Postponing planning for long-term health care can have devastating consequences as your health declines, and you become more reliant on others. Most people want to maintain control and independence. They want access to quality care -- including care at home. If you have a family you love and money to protect, Long-Term Care Insurance is an affordable way to ensure will reduce the stress and anxiety that can is placed on loved ones," McCann said.

Taking the time to create a long-term health care plan now can give you and your loved ones the confidence that you will be able to live out your remaining years with dignity and security. 

"Your loved ones will have the time to be family and not caregivers. Your legacy is maintained while ensuring you have access to quality care."

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. 

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