If you are a financial advisor, you have a tremendous opportunity to help clients in their mid-retirement years avoid difficult, and often costly, situations in the future by tactfully engaging them in a conversation about their plans for long-term care. Here are some ways to delicately approach this touchy topic and show that you care about a client’s well-being…not just their money.
A few weeks ago, I wrote about CCRCs without Walls, and how this emerging concept may be an option for those who wish to remain in their home in retirement, instead of moving to a retirement community. Similarly, there are two other fairly new trends that can provide support and services, where you live, as you age:
The word “home” conjures images and feelings of warmth and comfort. It is the place we feel most emotionally connected, filled with pleasant memories. And, the idea of aging at home can be symbolic of maintaining your independence. But does “aging at home” necessarily mean aging in the same home? Perhaps it depends on appeals most to you about “home.”
If you dig into his 2016 budget proposal, you will find that President Barack Obama has suggested some broad policy changes that could affect how and where services would be delivered to seniors and those with disabilities.
By educating yourself about the different types of CCRCs and considering your unique situation, you can make an educated decision about the type of contract that is best for you.
This approach is currently being offered by only a dozen or so providers across the country but will likely play a larger role in the future of continuing care retirement communities (CCRCs) since it appeals to those who cannot or will not move into a CCRC—but like the idea of guaranteed access to care at a predictable price.
On the surface, staying in your home may seem more cost efficient than moving to a retirement community. But if you dig deeper and do the math, the numbers sometimes tell a different story.
Elder guardianship is a legal process that is used when a person is unable to make their own decisions or communicate their wishes about health care issues, finances, property, etc. Once elder guardianship is granted to another person or entity through the court system, your individual rights to manage your personal affairs, money and/or property are removed.
About 70 percent of people over the age of 65 will need some type of long-term care during their lifetime, according to the U.S. Department of Health and Human Services (DHHS). On average, women will need care for a longer period of time (3.7 years), compared to men (2.2 years), and 20 percent of 65-year-olds [...]
Choosing a primary care doctor is an important decision that can affect seniors’ current and future health and quality of life. Here are some tips to help you select the right provider to meet your healthcare needs, now and as you age.