A health care planning checklist for financial advisors

In addition to the obvious financial guidance, advisors have a unique opportunity to shape their clients’ healthcare planning process.

Georgia Lord, Planning Director Corbett Lord Wealth Management The Brooklyn, N.Y.-based association said advisors play an important role as trusted advocates when working with clients with health issues.

“While we cannot provide medical advice, we advocate proactive steps to help our clients plan for the financial impact of health issues, ensure access to appropriate resources, and reduce risk.” “We can help you do that,” she said.

Customers now expect health plans

Steven Rosenquig, Senior Vice President of Asset Management and International Wealth Advisor raymond james It says this has become a common expectation among customers who expect a more comprehensive set of services.

“Part of the holistic process of financial planning is not only managing the portfolio based on the client’s goals and aspirations, but also managing the expected as well as the unexpected. Health problems commonly associated with aging“It ultimately impacts financial planning,” he said, adding, “Financial advisors are not doctors, but they provide their clients with services that address medical and health issues that ultimately impact their financial health.” I should be able to introduce it.”

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As part of this effort, advisors can think ahead about common problems their clients face and how to address them. This can be materialized in the form of a medical checklist.

Tushar Kumar, Private Wealth Advisor Twin Peaks Wealth Advisors The San Francisco researchers said this could include reviewing things like health insurance options and long-term care considerations.

“Our role in engaging with clients with medical problems is to assess the problem as well as the qualitative aspects of the situation, such as whether care is needed and what expectations are placed on advanced health. “It’s about making sure they understand the costs associated with their care needs and the decisions that go into it,” he said.

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Lord said the advisor’s role in health planning includes financial preparation to ensure clients have adequate savings, insurance and emergency funds to address medical issues without derailing other financial goals. He said that it would be possible.

“I review health, disability, long-term care and life insurance policies to ensure adequate coverage,” she said. “I educate clients about the various costs associated with health insurance and how to take advantage of tax-advantaged accounts such as Health Savings Accounts (HSAs) and Flexible Savings Accounts (FSAs), as well as estate and legal planning. We help our clients make sure they have the proper knowledge of medical powers of attorney, living wills, and powers of attorney in place.

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President Joe Cronin international citizen insurancestated that when advisors create health care checklists, they should take special care to assist clients in asking important questions about their future home care situation.

“For example, what medical conditions might require treatment in the future?” he said. “Will my family offer to help, or will I need to hire a professional? Advisors can help guide you through these scenarios by outlining such scenarios, considering appropriate additional coverage options, and evaluating them. We help our clients take a more proactive approach to long-term care planning.”

What exactly does a medical checklist include? Scroll down to see common areas that advisors say should be included.