As the healthcare debate drags on, and the uncertainty of the government's ability to provide healthcare for everyone at a reasonable price is top of mind, we, as trusted financial advisors are ethically bound to offer our clients options to counter their healthcare woes.
One such healthcare component is that of long term care. If you are in dire financial straits, you become eligible for your state's Medicaid program. One situation becoming more and more common is that families who have established a secure retirement portfolio leave themselves vulnerable to long term care expenses. This alone will unravel one's financial dignity.
Eating up savings
It's a sobering fact-more than half of those who need long term care will use up their savings within one year. And, while the type and length of long term care your clients may one day require is impossible to predict, it is more important than ever to have the long term care discussion with your clients today to ensure they are prepared no matter what their personal outcome may be. Doing so will ensure family members are spared the financial burden as well as the arduous task of making long term care decisions on behalf of your clients, should they be unfit to make the decisions themselves.
