Let’s talk about the costs of continuing care.
Choosing the right continuing care retirement community (CCRC) will be one of the most serious financial decisions that your clients will ever make. For many, assessing the costs of continuing care can feel overwhelming. And even for the most financially savvy family, the choices are not always clear. Just take a look at this recent New York Times piece. A reader is perplexed even with an advanced financial degree!
What should your clients know?
There are three basic types of different CCRC financial modes. And the NYT article does a great job summarizing them. We want you to take note of the two important perspectives:
- Who will bear the risks of your clients’ future health costs?
- And the necessity of consulting AgePros such as a fee-only financial planner, elder law lawyer, accountant or tax adviser, as well as a geriatric care manager.
“Pay more upfront and the community absorbs more; keep capital and flexibility and you shoulder more risk,” said Howard S. Krooks, chair of the elder law practice group, private client services, at the firm Cozen O’Connor.
The cost of growing older. A growing concern for a growing population.
As the older adult population grows so does the need for accurate information and advice. Understanding the financial implications of choosing the right continuing care solution is key for many of our AgePros clients.
Recently we posted about a possible affordable solution to continuing care. And we’ll continue to keep our eye out for information that helps support our AgePros community.
