long-term care insurance
The rising — and unpredictable — cost of health care in retirement is the top concern for many Americans age 50 and older. Carolyn McClanahan, MD, says it's imperative for financial advisers to discuss health care planning with clients, and to obtain a basic health history.
As Baby Boomers age and average life expectancies climb, more and more financial advisers will need to broach an uncomfortable topic: aging and the need to make provisions for growing older and having extended health care issues.
Understanding dementia and its financial implications, as well as a host of other eldercare issues, extends well beyond attorneys: It is something every financial adviser with elderly clients, or clients approaching retirement, should know more about.