Financial Planners: 3 Tips for Working with Seniors

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posted by Ryan Whittington on October 11, 2010

When advising senior clients, financial planners need to keep these three factors in mind:

  1. Privately Funded.

    Many senior services are not covered by traditional health insurance or Medicare.  Most services; personal care/bathing, medication management, meal preparation, transportation, etc. are privately paid for out of pocket.  As your client ages, it is important to anticipate the costs of long term care.

  2. Seniors are just older young people.

    Many activities that seniors participated in during their 40's, 50's and 60's they continue to do in their later years.  Vacationing, golfing and volunteering are examples of activities which require a level of independence and mobility.  A fall and/or hospitalization can be a major setback both physically and financially.  Have you seen the costs associated with the Emergency Room lately?

  3. Don't get lost in the shuffle.

    Let's face it; our health care system can be complex and confusing.  Knowing what services are available to seniors and how they are paid for can be a huge asset to your clients.  When  the time comes, you may be the trusted adviser your clients and their families turn to.  When they ask you " will we be able to afford it?", wouldn't you like your answer to be, "yes, this is what we have been planning for".

In order to properly plan for this care, many seniors look to included a traditional long term care insurance policy or newer more flexible insurance products into their planning strategy.  From a home care perspective, pre-planning to cover long term care costs can mean the difference between choosing how you want to age versus being told how you will age.

As a financial planner, you have the ability to be the hero to your client.  Why not start now by helping them feel confident as they age.

What questions do you have about estate planning and long term care insurance? If you’re a financial planner, Seniors Home Care offers a complimentary 30-minute coaching session.

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