Along with the obvious financial guidance, advisors have a unique opportunity to shape the health care planning process for clients.
Georgia Lord, head of planning at
"Whilst we cannot provide medical advice, we can help our clients plan for the financial implications of health issues, ensure access to appropriate resources and advocate for proactive measures to mitigate risks," she said.
Clients have come to expect health planning
Steven Rozencwaig, senior vice president of wealth management and international wealth advisor at
"Part of the holistic process of financial planning is not only managing a client's portfolio based on their goals and aspirations, but the unforeseen as well as the anticipated
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As part of this effort, advisors can think ahead of time about the common issues that clients face and how to address them; this can take shape in the form of a health care checklist.
Tushar Kumar, private wealth advisor at
"The role we play in terms of engaging clients with medical issues is to help them understand the cost associated with their issues, along with the qualitative aspects of their situation, such as whether they will require care or what wishes they have for their advanced health care needs and associated decisions," he said.
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Lord said an advisor's role in health care planning includes financial preparedness, ensuring that clients have adequate savings, insurance and emergency funds to handle medical issues without derailing other financial goals.
"I review health, disability, long-term care and life insurance policies to ensure appropriate coverage," she said. "I help to educate clients on the various costs associated with medical coverage, and how to leverage tax-advantaged accounts like health savings accounts (HSAs) or flexible savings accounts (FSAs) and estate and legal planning; making sure the client has the appropriate health care proxies, living wills and powers of attorney in place."
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Joe Cronin, president of
"For example, what medical conditions may require care in the future?" he said. "Would the family offer help, or would there be a need to hire professionals? By outlining such scenarios, considering the proper supplemental coverage options and evaluating them, advisors help these clients adopt a more proactive stance toward the planning of long-term care."
Exactly what belongs on a health care checklist? Scroll down for common areas advisors say should be included: