The urgency of providing for long-term healthcare costs is well established, yet many advisers are having a tough time in broaching the subject with their clients.
The customers themselves hold some of the responsibility – it’s a tough talk to face and reticence is frequently encountered. Mortality and the possibly difficult years leading up to it are topics calling for strength.
Yet sooner or later, every responsible person needs to consider the issue. As a dutiful adviser, you’ll need to raise it, even if your clients seem reticent. It’s essential to start with a comprehensive checklist, so let’s start assembling one.
A good opener is to ask whether the client has direct experience with LT care and its consequences. Those familiar with the phenomenon will likely be ready to talk, but for others, you may need to confront them with the stark statistics: among people over 65, at least half will eventually need LT care –some authorities place that ratio above 75%. Associated costs are rising and currently, most care is provided in-home by relatives and other people close to the patient.
That last piece of information can be particularly sobering, as it begs the question of whether anyone is available to provide the care. Even if children, for example, are ready and willing, professional support might be called for, at a price. Of course, if no one is ready to help, measures must be taken to cover the expenses of paid medical care, either at home or in a dedicated medical facility.
Clients must understand what would happen to their retirement incomes if they were to become incapacitated. Many nominal retirees are choosing to continue working at least part time: if they were suddenly disabled, would other income sources be available to cover the shortfall? This is a vital matter that often goes unconsidered, so examine the details without fail with your clients.
For more, please see:
10 Long-Term Care Questions to Ask Your Clients | Commonwealth