Ep 143: "Long-Term Care Planning: Reducing Stress and Ensuring Peace of Mind"

Money & You with Michelle Perkins

The podcast featured Michelle Perkins as host and special guest Matt McCann, discussing the importance of long-term care planning and insurance. The conversation highlighted the personal experience of Michelle with her parents' long-term care needs and the financial implications of using long term care as well as the difficulties of using it. They emphasized the need for proper planning to manage the costs and potential challenges of aging. The discussion covered topics such as different types of long-term care insurance policies, the impact of interest rates on premiums, and options for adjusting benefits to mitigate costs. The speakers stressed the importance of seeking expert advice to navigate the complexities of long-term care insurance and ensure adequate coverage. Overall, the podcast provided valuable insights into the significance of planning for long-term care and the role of insurance in addressing the financial aspects of aging.
00:05 - Unexpected life changes happen (and so do earthquakes)
07:44 - Preparing for the unexpected
13:48 - Navigating long-term care insurance
23:03 - Financial impact of caregiving
32:12 - Determining coverage needs wisely
40:42 - Addressing premium rate concerns
48:13 - Expert tips for policyholders
- Personal experience with long-term care: Michelle shares her journey with her parents' long-term care needs and the importance of planning ahead.- Importance of long-term care insurance: Discussion on the significance of having long-term care insurance to manage the financial costs and stress associated with aging.- Understanding long-term care policies: Exploring different types of long-term care policies, coverage options, deductibles, and benefits.- Factors to consider when choosing a policy: Matt provides insights on determining the appropriate coverage amount based on location, cost of care, and individual needs.- Legacy long-term care policies: Addressing issues with older legacy policies, rate increases, and options to adjust benefits to manage costs.- Consumer protections and hybrid products: Explaining the regulatory changes in long-term care insurance, consumer protections, and the availability of hybrid products for guarantees.
Key Takeaways:- Long-term care insurance helps manage the financial, emotional, and physical costs of aging.- Policies should be tailored to individual needs and location-specific cost of care.- Legacy policies may require adjustments to benefits to mitigate rate increases.- Consumer protections and hybrid products offer additional safeguards and guarantees for long-term care planning.
Closing Remarks:Michelle and Matt emphasize the importance of seeking expert advice when considering long-term care insurance to ensure peace of mind and reduce stress associated with aging.Listeners are encouraged to connect with Matt for further information or assistance with long-term care insurance planning.
Overall, the episode provides valuable insights into long-term care planning, insurance options, and strategies to reduce stress and ensure financial security in later years.Matt McCann got involved in long-term care planning after her mother had health issues that required nursing home and assisted living care. He is licensed in all 50 states.
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