Aug 31, 2022
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, we’re having a conversation with 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 today to dive deep into the structure of long-term care insurance policies, available options, and some opportunities to reduce the costs associated with long-term care insurance.
[02:05] Matt’s Journey – We start the conversation with the story of how Matt started his career in radio and transitioned into insurance.
[05:28] The Need for Long-term Care – We dive into how the changes in our population have increased the need for long-term care for many people and how different states are responding to this situation.
[15:09] Insurance & Financial Planning – Mat shares his thoughts on the costs associated with long-term care and how these costs affect the financial strength and investments of a person.
[23:40] Regulations & Pricing – How the regulations related to long-term care insurance have been updated in recent years and the changes in pricing models that followed.
[30:57] Tax-free Exchanges – Matt dive into 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 – How long-term care insurance in a business setting and the tax benefits business owners can get by arranging long-term care insurance for their employees.
[42:03] Family & Emotional Impact – Matt dives into the emotional and family-related concerns that could be solved by planning long-term care insurance and how insurance relates to retirement planning.
[45:52] Options for Long-term Care – Matt discusses several options available for people who are in need of long-term care.
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