There are countless articles written on retirement planning, and many topics discuss longevity, future expenses of long-term care and its impact on savings, income and family.
Yet, very few of those articles discuss a way to shelter part of your estate and still qualify for the Medicaid long-term care benefit. Currently, 45 states offer special Partnership Long-Term Care Insurance policies that provide dollar-for-dollar asset protection.
“It amazes me how few experts discuss the partnership program. If you own a qualified Long-Term Care policy, you can safeguard your savings no matter what happens and how long you require care. Since Long-Term Care Insurance is custom-designed, even a small policy can have a huge impact on you and your family,” said Matt McCann, a nationally known expert on long-term care planning.
Depending on a family’s total savings, they can design an appropriate - and affordable - plan to protect their assets in addition to reducing the burdens otherwise placed on loved ones.
“For families with more modest savings, a smaller plan will ensure hard-earned savings are protected. For those with larger estates, they can shelter larger amounts of assets. Considering the high risk we face for needing extended care as we get older, a Partnership Long-Term Care Insurance policy is an affordable way to address the financial costs and burdens of aging,” McCann explained.
Long-Term Care Insurance provides access to your choice of quality care either in your own home or in a facility of your choice. This is an essential part of retirement planning because the cost of long-term care is expensive and not generally paid for by health insurance or Medicare, including supplements.
McCann says the best time to start planning is before you retire, ideally in your 40s or 50s when premiums are very affordable. He is licensed nationwide and represents the major insurance companies. McCann matches your age, health, family history, and other considerations to shop all the top companies to find you the best options at the best value. This way you will have accurate quotes to consider.
His unique process allows an individual or couple to view McCann’s computer screen on their own computer while speaking to him on the phone. It’s an easy and pressure-free way to learn and compare all the options from all the companies.
“It is important to work with a specialist in long-term care who can design an affordable plan to safeguard savings and income from the impact longevity has on family and finances. Paid care is expensive and the impact of caregiving on family is tremendous,” McCann said.
McCann recommends several online resources to assist in your research. LTC News offers news and resources including an online guide to long-term care planning. This is available at https://www.ltcnews.com/resources/guides/the-ultimate-long-term-care-insurance-guide
The US Department of Health and Human Services has an official long-term care site: https://longtermcare.acl.gov/
Free Long-Term Care Insurance Quotes are available at: www.quoteonltc.com
McCann’s website also features extensive resource information.
McCann Insurance Services: 866.751.7957: www.mccannltc.net