Heath Care and Retirement: A Great Transfer of Risk to You.
The Investment Advisor is Offering Advance Financial Training-As Well as Insight and Analysis About Health Care and Long Term Care Planning.
You may be aware. There have been a number of concerns involving health care and the quality of care people receive in nursing homes and with home health care. Recovering from illness or disability. Especially, in today’s medical, economic and legal climate. Requires careful advance planning. In Pennsylvania, that means five years in advance of any life changing health event for it to be effective. Not only from an estate planning perspective. Where you create your documents. Such as a will, powers of attorney and a trust if you need it.
From an educational perspective. So, you and your power of attorney are armed with the education and information you need to navigate the medical and long term care system. So, you can recover.
Successful navigation and recovery from health problems. Which requires modifying your residence, seeking professional medical help in your residence or changing your location of your residence. Is not something only the elderly experience. It can happen to a CEO, a business owner, your employees, a son, a daughter, a grandparent, a parent or yourself. At any age.
From home-to hospital-to nursing home-or back home again with home health care. Considering how the medical industry so poorly handles this. Requires advance education and training.
Not only for you. But for your confidante and power of attorney. So, your advocate has the resources, information and training they need to protect your health, your medical, financial and legal interests.
But, make no mistake about it. You need your physicians in your corner. As well as an attorney, CPA, financial and investment advisor to represent your interests.
45% of Americans under the age of 65 and 70% of those over 65 will need long term care in their lifetimes. One of the biggest problems in Long Term Care. Is that hospitals are sending people to facilities or back home. Where hospitals, nursing homes and home health care agencies. Lack the staff, financial resources and the will to properly take care of their patients.
Many of these facilities have been or are in financial distress. Coupled with a world where your health insurance benefits can be exhausted in as few as 30 days. Puts the ball squarely in your court. To make sure you get the treatment and care you need.
According to Fidelity, a retired couple will need to pay $315,000 in out of pocket health care expenses. If you are like most Americans, health care is expected to be one of your largest expenses in retirement, after housing and transportation costs. But unlike your parents’ generation, you won’t likely have access to employer sponsored retiree health benefits. So health care costs will likely consume a larger portion of your retirement budget—and you need to plan for that.
There are a number of drivers behind this mounting retirement health care cost challenge. In general, people are living longer, health care inflation continues to outpace the rate of general inflation, and the average retirement age is 62 for most Americans—that’s 3 years before you are eligible to enroll in Medicare.
“Health care is creating a ‘retirement cost gap’ for many pre-retirees,” says Steve Feinschreiber, senior vice president of the Financial Solutions Group at Fidelity. “Many people assume Medicare will cover all your health care cost in retirement, but it doesn’t. So you should carefully weigh all options.”
Receiving treatment and care is intertwined with your ability to pay for your health care. If you can’t pay for it you don’t receive it. Being able to pay for it does not guarantee it will be available to you.
If you have an interest in education and training for your business, your family or yourself about Health Care and Long Term Care. Please contact Louis Wolkenstein, Managing Principal of The Investment Advisor at 1-877-414-9021.
or Request a Consultation at https://www.theinvestmentadvisor.net/request-consultation.html
The Investment Advisor, LLC does not provide legal, accounting or medical advice.