Gerontologist Says More People Need Advisors Involved in Long-Term-Care Decisions
Jun 03, 2021Most advisors know that planning for a client’s long-term care needs is complicated. Because illness and disability can occur without warning, clients often need to make decisions about care quickly and under duress.
To make matters worse, the long-term care system in the U.S. is both fragmented and very costly. In some cases, clients will consult with various professionals to help them determine the best plan of care for themselves or a loved one. However, not many people think to consult with a financial advisor. This is a medical situation after all, so why should they?
Since the need for long-term care is seen by many as a health issue, people seek the advice of health professionals to decide on the appropriate options. Likewise, when it comes to retirement, people discuss their long-term financial needs with a financial professional.
