With the holiday season rapidly approaching and Christmas advertisements already flooding our screens, it's crucial to remember that these family-oriented times are perfect for addressing significant issues, such as long-term care planning.
Matt McCann, a renowned specialist in long-term care planning and Long-Term Care Insurance, emphasizes the importance of utilizing the holidays for these crucial family discussions.
Addressing a group of insurance agents and financial advisors in San Antonio, McCann highlighted that Thanksgiving, a time when families come together, presents an ideal opportunity to initiate conversations about long-term care. He pointed out that this might be one of the reasons why November is designated as Long-Term Care Awareness Month.
Thanksgiving isn't just a time for feasting on turkey and enjoying football; it's a valuable moment for family bonding and observing the impacts of aging on our loved ones.
He encouraged the group to use this time to engage in meaningful conversations about long-term care, emphasizing that the dialogue doesn't need to be somber or pessimistic. Instead, it should be a pragmatic acceptance of aging as a natural part of life and an acknowledgment of the future physical, emotional, and financial strains that long-term care can impose on families.
By addressing these issues proactively, we can alleviate the potential future burdens on our loved ones, ensuring smoother transitions in the later stages of life. But someone has to take the initiative and start the conversation. You can't wait until a health crisis occurs to start thinking about long-term care.
Delaying the LTC Discussion Not Wise
Despite the logical reasoning and overwhelming statistics highlighting the substantial risk of requiring long-term care within our lifetimes, too many individuals neglect this crucial aspect of future planning, only addressing it when faced with a family crisis. These individuals don't make an effort to look into Long-Term Care Insurance, and McCann showed a chart listing how procrastination can be attributed to various factors:
- Denial: Many people live in denial, believing that they will never need long-term care. They perceive it as something that only happens to others, not to themselves or their family members.
- Lack of Awareness: Some individuals are simply unaware of the importance of long-term care planning. They think long-term care is covered by health insurance or disability insurance - it is not, nor is it covered by Medicare or supplements. Medicaid will pay for long-term care but only for those with little or no income and assets.
- Procrastination: Many people tend to put off long-term care planning for the future, thinking they have plenty of time to address it later in life. Yet, LTC Insurance has medical underwriting, which requires reasonably good health to obtain coverage.
- Financial Concerns: The perceived high cost of Long-Term Care Insurance deters some people from planning. Many people find LTC Insurance very affordable, especially when purchased before age 65.
- Complexity of Planning: Long-term care planning involves navigating through a myriad of options and making critical decisions. This complexity can overwhelm individuals, causing them to delay or avoid the process altogether.
- Emotional Turmoil: Addressing the topic of long-term care often forces individuals to confront their own mortality and potential loss of independence. These emotional aspects can make people reluctant to engage in planning.
Recognizing and overcoming these hurdles is imperative to ensure that individuals and their families are well-prepared for the future, alleviating potential stress and financial strain when long-term care is needed.
Long-Term Care Impacts Families and Finances
Long-term care presents challenges, McCann explained, not just in terms of cash flow but also in its impact on families. As the expenses associated with long-term care services continue to escalate, even individuals with considerable resources may find it challenging to afford the quality care they require in the future.
The cost of long-term care caries within a state and nationwide. In San Antonio, according to the LTC NEWS Cost of Care Calculator, the cost of care is higher than the state average but much less than the national average.
Long-Term Care Costs in Texas
McCann said many financial professionals only focus on the financial impact of long-term care, ignoring the effect on loved ones. He explained that the demands and strains of long-term care can significantly adversely affect adult children and spouses, often thrusting them into the roles of caregivers unexpectedly. This shift not only introduces a new level of physical and emotional strain but also demands a considerable amount of time, potentially leading to neglect of their own health, careers, and family relationships.
The stress of managing medications, doctor appointments, and daily care tasks can become overwhelming, leading to caregiver burnout. Additionally, the financial burden of caregiving, whether it's from out-of-pocket expenses or lost income from reduced working hours, can create substantial economic strain.
He said relationships become strained, as the role of caregiver and the feelings of obligation and guilt can overshadow the previous familial and spousal connections. This dynamic shift, coupled with the emotional toll of watching a loved one decline, creates a family crisis and underscores the crucial need for advance planning to alleviate these pressures and safeguard the well-being of both the individual in need of care and their family members.
Long-Term Care Insurance - Often the Affordable Solution
McCann highlighted that many insurance agents and financial advisors lack the necessary expertise in long-term care, which can complicate the process of obtaining reliable information. He pointed out an increasing trend where financial professionals seek the assistance of Long-Term Care Insurance specialists, such as McCann, to ensure they provide their clients with accurate and helpful guidance.
There are not many true Long-Term Care Insurance specialists, and many finance advisors and insurance agents understand the importance of providing accurate information. Yet, if we are to help consumers plan for the future costs and burdens of aging, we need to spread the word and offer accurate information.
McCann said most specialists only focus on Long-Term Care Insurance solutions, including traditional policies (including partnership-certified plans), hybrid policies with death benefits, and short-term cash indemnity policies. These specialists, according to McCann, are not interested in taking business away from an insurance agent or financial advisor but be their partner in helping their clients.
Specialists like myself typically work with all the top-rated insurance companies, understand the underwriting guidelines each company has in place, know federal and state regulations, and understand policy design so we can offer affordable solutions.
Finding Quality Care for Older Loved Ones Now
Securing prompt access to quality care for elderly family members can significantly enhance their quality of life, ensuring they receive the necessary support and attention tailored to their specific needs. Early intervention and care can lead to better health outcomes, maintain their independence for as long as possible, and provide peace of mind for both the individual and their family. Furthermore, it fosters a sense of dignity and respect, acknowledging their unique needs and preferences, ultimately contributing to their overall well-being and happiness.
McCann recommended using the LTC NEWS Caregiver Directory.
The easy-to-use directory lets you search for care based on type, location, and features. The LTC News Caregiver Directory offers a wide range of care providers for free, unlike other services that might limit your choices or charge a fee.
The directory is accessible at www.ltcnews.com/care. The website has also made arrangements to help anyone process a Long-Term Care Insurance claim without cost or obligation - Filing a Long-Term Care Insurance Claim.
Help is Available
McCann emphasized the importance of seeking advice from a seasoned Long-Term Care Insurance specialist who can assist anyone through the various available policies.
McCann, holding licenses across all 50 states and the District of Columbia, represents the top-rate insurance companies that offer long-term care solutions. His innovative approach enables clients to consult with him via phone while simultaneously viewing his computer screen, making the education, exploration, and selection of options a convenient and transparent process.
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