Process Brings Clarity To Necessary Planning
Most Americans lack formal planning for Healthcare In Retirement and Long-Term Care (LTC) in their comprehensive planning, and that’s simply a reality. Regardless of your advisory relationship with a client, it’s your responsibility to ensure they address this topic, and it may be beneficial to implement a data-driven PROCESS to allow precise, customized planning to fall into place. The following 4-step process may be a helpful expectation to set for clients.....
Step #1 – You will begin to help clients understand the need for LTC planning and clarify why answers to basic questions on the subject should be found in their financial, retirement, estate, or risk management planning. Then you can move forward to determine potential risks from Healthcare In Retirement and Long-Term Care.
Step #2 – Clients should complete a HALO Assessment to quantify the current and future cost of Healthcare In Retirement and LTC based on their health situation, lifestyle, and family dynamics. This will allow you to more easily explain how and why this unfunded liability may be hiding on their personal balance sheet and must be addressed.
Step #3 – You will inventory their assets and evaluate their health/insurability. Doing so will help determine how to achieve the planning targets highlighted in the HALO Report and which of the four available solutions for their LTC Plan is most appropriate and suitable.
Step #4 – Complete the process of implementing their Long-Term Care plan.
When considering all of life's eventualities, healthcare in retirement is simply a mandatory expense that must be addressed. As your advisor, this should be a reality check: Will your clients take control of their plans for healthcare in retirement, or will healthcare eventually take control of their plans?
Please don't hesitate to contact us with questions or to discuss specific client planning scenarios.....
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