Women's health care planning seen as pivotal

Nov 25, 2012 @ 12:01 am

By Liz Skinner

Financial advisers have an obligation to help female clients plan for health care needs and expenses, including evaluating the options for long-term-care insurance and Medicare, according to a panel of experts who participated in an InvestmentNews webcast last Tuesday.

“Failing to help clients plan for health care is reckless and irresponsible,” said Thomas West, an adviser with Signature Estate & Investment Advisors LLC. “There's a variety of different options, but it begins with having a conversation.”

Mr. West recommends asking all clients: “What's your plan, and how are you going to pay for it?”

RELYING ON KIN

Some clients tell him that they expect to rely on their children for care toward the end of their lives.

That response earns a raised eyebrow from Mr. West.

“If your plan is to move in with your kids, then you should probably tell your kids that's your plan,” he said. “It might require a financial solution that draws on the means of more than just one individual.”

Advisers should help clients determine whether they can afford LTC insurance, and get them to consider different options, such as LTC riders on universal-life products and annuity products, the panelists said.

Mr. West has never recommended that a client drop the coverage, he said, adding that the new policies typically aren't as good as the older ones.

If LTC insurance is appropriate, clients should be buying it as early as possible because it affects the costs that they will pay ultimately, said Ron Mastrogiovanni, chief executive of HealthView Services, which helps advisers and consumers estimate health care costs.

lskinner@investmentnews.com Twitter: @skinnerliz

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Ed Slott: Tax strategies to help clients take advantage of market declines

When the markets decline or are volatile, it is an opportunity to put a few retirement savings strategies to work, according to Ed Slott, founder of Ed Slott's Elite IRA Advisor Group.

Latest news & opinion

Is LPL's deal sweet enough for NPH's 3,200 reps and advisers?

They will have to decide if the signing package they are being offered by LPL makes sense. A lot is hanging in the balance.

Eduardo Repetto to leave Dimensional Fund Advisors

Gerald O'Reilly, currently co-CIO, will take over as co-CEO with David Butler.

Alternative strategies boomed after crisis, but haven't been tested

Because the S&P 500 has outperformed, convincing clients they need protection is a hard sell.

7 ways advisers fixed clients' biggest financial dilemmas

Sometimes it takes creativity, along with knowledge and outside help, to get a client out of a jam.

LPL Financial buys NPH, a broker-dealer network with 3,200 advisers

The deal, part of which is based on the advisers and revenue that eventually will move from NPH, could potentially cost LPL $448 million.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print