The need for long-term care has been steadily increasing over the last decade, primarily due to our aging demographics and retiring baby boomers. This week on Grow Money Business, our guest is one of the nation’s leading experts in long-term care insurance. Matt McCann, the managing editor at LTCNews.com, and Principal Owner/Long Term Care Planning Specialist at McCann Insurance Services, joins us to dive deep into the structure of long-term care insurance policies. Throughout the episode Grant and Matt discuss available options as well as some opportunities to reduce the costs associated with long-term care insurance.
[02:05] Matt’s Journey – Matt shares how his career first started in radio and how he eventually transitioned into insurance.
[05:28] The Need for Long-term Care – Matt explains how the changes in our population have increased the need for LTC and how different states are responding to this situation.
[15:09] Insurance & Financial Planning – Matt shares his thoughts on the costs associated with LTC and how those affect the financial strength and investments of a person.
[23:40] Regulations & Pricing – Grant and Matt discuss how the regulations related to LTC insurance have been updated in recent years, as well as changes in pricing models that followed.
[30:57] Tax-free Exchanges – Matt explains the process of a tax-free exchange, which allows life insurance policyholders to get long-term care without actually writing a check.
[34:37] Insurance for Business – Matt shares some of the tax benefits business owners can get by arranging LTC insurance for their employees.
[42:03] Family & Emotional Impact – Matt discusses how familial concerns can be solved by planning for LTC insurance, as well as how insurance relates to retirement planning.
[45:52] Options for Long-term Care – Matt shares several options that are available for people who are in need of long-term care.