A major consideration when planning for a successful future retirement is longevity.
With longevity comes Long-Term Health Care. The financial costs and burdens of aging not only impact you, but your family, savings and lifestyle as well.
Long-Term Care Insurance makes it easier on you and your family. The American Association for Long-Term Care Insurance said the nation’s insurance companies paid $9.2 Billion in benefits to American families in 2017 alone.
It’s important to consider a few facts prior to retirement.
The US Department of Health and Human Services states if you reach the age of 65, you have a 7 in 10 chance of needing some type of Long-Term Care service.
In 2016, the value of assistance provided by unpaid caregivers to people with Alzheimer’s or dementia was over $230 billion.
“Many people think Long-Term Care will not happen to them. Others think their family will be able to take care of them without any problem. The fact remains as medical science advances the risk of needing care increases with longevity. Without an advance plan the impact is tremendous,” said Matt McCann, a nationally known expert on Long-Term Care Insurance and planning.
The national average for one year of home care is $49,192 based on a 44-hour week. Assisted living national average is $45,000 a year, and one year of skilled nursing costs nearly $100,000 annually. In 20 years, these costs will certainly increase.
“You must factor the financial costs and burdens of aging as part of your retirement planning. Affordable Long-Term Care Insurance will provide the resources for quality care, either at home or in a facility, allowing family to be family,” McCann said.
“Nearly half the people who apply for LTC Insurance after age 70 are declined because of health, compared to 17 percent for those under age 60. Premiums are very affordable – especially when you are younger. Acting prior to retirement is key,” McCann explained.
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