Real Talk on Long-Term Care Insurance with Matt McCann, CLTC - Episode 88

Tune in to the latest episode of the Caregiver Relief Podcast, where host Diane Carbo sits down with certified long-term care planner Matt McCann to discuss a topic many families put off until it's too late: long-term care planning. 👵🏽👴🏽

Matt, one of the nation's leading experts in long-term care insurance, shares his personal story of navigating the caregiving world for his mother, which became his calling. He emphasizes that long-term care planning isn't just about insurance; it's about having a crucial conversation with your family before a crisis occurs.

Key Discussion Points:

• Matt's Personal Journey: Matt's career was shaped by his experience as a caregiver for his mother, who began needing long-term care at age 59. He saw firsthand the financial and emotional toll it takes on families, and this inspired him to help others prepare.
• Common Misconceptions: The episode debunks common myths about long-term care insurance, such as the idea that it's only for nursing homes or that it's too expensive. Matt clarifies that most long-term care is delivered at home or in assisted living facilities, not nursing homes.
• Medicare Advantage vs. Traditional Medicare: Diane and Matt discuss the challenges with Medicare Advantage plans, noting that they can lead to high copays and "unsafe discharges" from facilities. Matt, who is turning 65 soon, shares his choice to opt for a regular Medicare supplement plan to maintain control and choice over his healthcare.
• Traditional vs. Hybrid Policies: The conversation breaks down the difference between traditional long-term care policies, which solely cover long-term care, and hybrid policies that combine life insurance or an annuity with a long-term care rider.
• The Importance of Inflation Riders: A crucial point is the need for a cost of living rider, as policies purchased decades ago without one may not cover the current high costs of care.
• Planning Sooner Rather Than Later: Matt stresses that the ideal time to get long-term care insurance is in your 40s and 50s, as part of retirement planning. He also highlights that younger individuals can need care due to accidents, strokes, or cancer treatments.
• Filial Responsibility Laws: Diane brings up a serious point about filial responsibility laws in 26 states, which can hold family members financially responsible for a loved one's care costs.
• How to Choose a Specialist: Matt advises listeners to find a genuine long-term care specialist who represents multiple companies and has extensive experience with claims and underwriting. He warns against agents who don't ask detailed questions about health, family history, and finances.
• Affordable Options: Matt assures listeners that there are affordable options for middle-income families and that "something is always going to be better than nothing". He compares the cost of long-term care insurance to everyday expenses like cell phone bills and streaming services to put the cost into perspective.
• A Call to Action: The episode ends with Matt urging listeners to take action now, whether it's by talking to a specialist or having a conversation with their family about their wishes. He emphasizes that planning for long-term care is about "improving your quality of care for you and providing a better peace of mind for those you love".

Don't miss this eye-opening conversation! This episode is a must-listen for anyone thinking about their future or currently navigating the caregiving journey. For more resources, visit caregiverrelief.com and myvitalvault.net.

Listen to the full episode on the Ghost CMS page now! 🎧