Living to an older age means you will not only need more money, but you will face health related costs that impact your savings and lifestyle.
Long-Term Care costs are not paid for by most current health insurance companies, Medicare or Medicare Supplements.
“Finding a way to pay for Long-Term Care is easy if you plan before you retire. Affordable Long-Term Care Insurance will provide resources for quality care either at home or in a facility. This makes it easier for your family. But Long-Term Care Insurance is just one of many things you should do prior to retirement,” said Matt McCann, a nationally known expert on Long-Term Care Insurance and planning.
In addition to adding LTC insurance, McCann recommends obtaining basic legal and financial documents to ensure that your healthcare and financial decisions are carried out.
Here are several documents you should have in place:
This describes and instructs how you want end-of-life health care managed. This can be updated as you age as your desires may change.
Durable Power of Attorney for Health Care
This gives a designated person the authority to make healthcare decisions on behalf of the person who is unable to make them.
Durable Power of Attorney for Finances
This gives a designated person the authority to make legal and financial decisions on your behalf if you are unable to do so.
This indicates how your assets and estate will be distributed among beneficiaries after your death.
“You shouldn’t wait, as your options will be more limited as you age. The best time to obtain LTC Insurance is in your late 40s and 50s,” McCann says.
McCann assists people nationwide using his unique process where they speak with him on the phone while seeing his computer screen on their computer. He works with all the major companies in Long-Term Care.
McCann recommends several reference websites for research:
LTC News offers articles and resources: www.ltcnews.com
US Department of Health and Human Services: www.longtermcare.gov
Free LTC Quotes: www.quoteonltc.com
McCann’s website also features several outstanding resources.
Source: The Daily Chronicle