Have A Conversation About Long-Term Care 

 

Financial planning can be derailed by expenses for Healthcare In Retirement or Long-Term Care.  Even so, you and your clients may be far apart on how to address this topic even though they know the importance of planning for it.  Here are some interesting findings by Lincoln Financial Group research:

 

When to have the conversation?

You want to make sure to have these conversations when clients are generally in good health and especially before they need care. On average, advisors agree that it’s a good idea to begin long-term care discussions at age 50. For that reason, we encourage advisors to make long-term care a component of retirement planning. By planning early, advisors can help clients ensure that they are cared for according to their wishes.*

 

Who to include in the conversation?

Discussing long-term care as a family when planning for retirement enables everyone to get on the same page before care is likely to be needed. And it’s an excellent way for advisors to build a relationship with the next generation of wealth. Use these conversation starters to help with the critical preparation needed for the years ahead.

 

Now is the time to take action.....

 

- Engage with clients about Long-Term Care!!

 

- Focus on female clients. More than 2/3 of the Long-Term Care population in both nursing homes and residential communities are women.*

 

- Incorporate cost analysis for Healthcare In Retirement into your clients’ financial plan modeling.

- Visit WhatCareCosts.com to better understand the cost of care your clients face as they age.

 

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