In the debut episode of the 62 Who Knew podcast, Matt McCann, a nationally recognized expert on long-term care insurance and planning, offered a compelling argument on the growing necessity for Americans to plan ahead for the financial and logistical burdens of aging.
The podcast, hosted by Michael L. Banner, replaces his former TV show of the same name. Sponsored by LTC News, Amada Senior Care, and Platinum LTC Solutions, the podcast explores aging, retirement, health, long-term care, and lifestyle topics with expert guests and insightful commentary.
The discussion underscored the continued lack of awareness and preparedness among many individuals despite the country's increasing prevalence of long-term care needs.
McCann, one of several guests on the show, challenged the perception that Long-Term Care Insurance is a luxury, emphasizing its role as an essential financial safeguard and a way to ensure quality care and ease the burdens otherwise placed on loved ones.
He attributed some people's hesitancy in purchasing Long-Term Care Insurance to denial. Yet, those who do are typically between ages 47 and 67.
"The biggest problem in long-term care planning is denial. That is still the number one issue today."
The discussion with host Michael Banner and other expert panelists explored how COVID-19 brought the realities of long-term care to the forefront. McCann noted that many Americans became more aware of the crisis through daily news reports highlighting dire conditions in nursing homes, particularly in states like New York.
This heightened exposure, he argued, has increased interest in planning, particularly among those in their 40s and 50s who have seen their own parents struggle with aging and the costs associated with in-home care or assisted living.
McCann stressed that contrary to popular belief, LTC Insurance is not just for when someone is old.
"You do not have to be old to need long-term care," he explained, citing examples of younger individuals, including some in their 30s and 40s, who have required extended care due to early-onset conditions like Alzheimer's disease or severe injuries.
Limited Government Help
A significant portion of the episode focused on misconceptions regarding government assistance. Many Americans mistakenly believe that Medicare or Medicaid will fully cover long-term care expenses.
McCann clarified that Medicare only covers short-term skilled care, while Medicaid is primarily designed for those with minimal financial resources.
"If you're waiting for the government to be the answer for the consequences of aging, the answer is clear: they will not be."
Another key takeaway from McCann's remarks was the potential financial devastation of self-funding care. He explained that liquidating assets, such as stocks or real estate, to cover long-term care expenses often creates additional financial burdens due to taxes and other costs.
In contrast, he highlighted tax incentives available for LTC Insurance, including deductions for certain policyholders and the ability to pay premiums with pre-tax dollars through health savings accounts.
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COVID-19 and Long-Term Care Focus
The discussion also touched on the shifting dynamics of care following the COVID-19 pandemic. Home-based care and assisted living have become increasingly popular alternatives to nursing homes, with McCann highlighting that the majority of long-term care is delivered at home rather than in institutional settings.
All the guests described Long-Term Care Insurance as "anti-nursing home coverage," reinforcing the importance of securing a policy to maintain independence and quality of life.
LTC Insurance is Affordable
On the question of affordability, McCann argued that Long-Term Care Insurance is often perceived as more expensive than it actually is.
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He explained that policies can be customized to suit different budgets, reducing the overall cost burden.
McCann left listeners with a sobering but crucial reminder.
"Long-term care is part of retirement planning. Ignoring it doesn't make the risk go away."
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His message was clear—planning ahead can prevent financial hardship, ensure access to quality care, and ensure dignity and quality care in the later stages of life.
The 62 Who Knew podcast's inaugural episode set the stage for future discussions geared at educating Americans about the realities of aging and financial planning. With long-term care becoming an increasingly urgent concern, experts like McCann continue to advocate for proactive measures to secure a stable future.
Get Professional Planning Help Now
With extensive experience in policy design and underwriting, McCann is a trusted expert for those looking to navigate the complexities of long-term care planning.
Licensed in all 50 states and the District of Columbia, Matt McCann works with top-rated insurance companies to provide tailored long-term care solutions.
His innovative approach enables clients to consult with him remotely while viewing his computer screen, providing a convenient and transparent way to explore and select the best coverage options.
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.