Help Your Clients Navigate Healthcare Finances

For seniors, health concerns often spring up unexpectedly, and the rising and prohibitive costs of quality health care lead to a burdensome financial situation for many people in their retirement years. An AARP study estimated that 65-year-old couples who retired in 2017 would face $275,000 of health care costs during retirement. When health expenses are a concern, seniors often turn to their financial advisors to help them navigate their limitations and choices.

Advisors must be adept at offering money solutions that are custom-built for a client’s particular needs, and the situation of a senior with health-care concerns is certainly different than a young married couple looking to start a college fund for their future children. So what are some principles that can guide advocates who are seeking the best financial path for their senior clients?

Make sure funds are accessible

A young investor with a long view toward higher education or retirement might be happy to invest in the stock market or another vehicle with a promising rate of return over a number of years, but seniors need resources that they can access easily when needs arise. A life settlement is one option that can provide quick funds for healthcare bills.

Understand the full picture

Does the retiree you are advising have long-term care insurance? Do he and his spouse hope to live in a retirement community or stay in their home as long as possible? Are they committed to maintaining investments to help their children and grandchildren? Financial goals and needs change over time, so an astute advisor will evaluate periodically to make sure a client’s portfolio fits his current situation.

Stay informed about new and innovative options

Even retirees who invest wisely during their working years can be hit with unexpected expenses, so advisors have a responsibility to stay informed on options that can increase their income in their later years. In addition to low-interest, easily accessed funds and the maximization of benefits from programs like Medicare and Social Security, advisors could offer a windfall to clients by providing information about life settlements. When a life insurance policy is no longer meeting a senior’s needs and the premiums are burdensome, a life settlement could be the optimal solution.

Advisors looking to give the full life settlement picture to their clients can review Magna’s settlement criteria here, or call a Magna specialist at 1-888-996-2475 to learn more.