If the busiest time of year to travel is approaching, it's evident that Thanksgiving is the time of year for more American families to gather than any other. Yet, even though it falls during Long-Term Care Awareness Month, most families won't take the opportunity to discuss an important topic they're all too happy to ignore and may be sitting across the table from them:  Aging parents and Long-Term Care.  

According to Fidelity's Retiree Health Care Cost Estimate, those approaching retirement should recognize that a 65-year-old couple retiring this year will need an average of $330,000 per couple, and perhaps, the most item is found in the footnotes where they indicate "the estimate does not include other health-related expenses, such as over-the-counter medications, most dental services, and long-term care."  The report says that "health care is creating a 'retirement cost gap' for many pre-retirees," and "many people assume Medicare will cover all your health care cost in retirement, but it doesn't. So, you should carefully weigh all options."   A parent's loss of independence will often impact an entire family, and far too many wait until it’s too late to implement appropriate planning.  So, quite simply, every American family should be asking and answering a vital question for their aging parents: 

"How should we effectively address this reality for our family?"   

Answering that question may require input from many attending your clients' holiday gatherings and, unfortunately, the physical, emotional, and financial implications of Long-Term Care could impact ALL of them as well.   The best way to mitigate the impact of future Long-Term Care needs is to have a plan that is well thought out and addresses the needs and concerns of the entire family, and perhaps the beginning of the holiday season is a good place and time to begin the discussion!!

As Thanksgiving approaches, encourage clients to take advantage of family gatherings and address this critical, multi-generational topic! 

241122