They were deeply concerned about the possibility of ending up in a nursing home or depleting the legacy they had built for their kids. Being dependent and financially insecure late in life was a frightening thought.
After they shared these fears during our initial conversation, we scheduled a follow-up to explore the best options for their future care.
How We Helped
- Reviewed their retirement income plan to assess the risk of running out of money.
- Found that, despite the risk of depleting liquid assets, their long-term income needs would be covered by their strong pensions.
- We analyzed the costs of self-insuring versus various long-term care insurance solutions.
- We concluded that maintaining flexibility with their liquid assets was the best strategy for their situation and recommended against an insurance purchase.
While insurance can be an effective way to guard against rising healthcare costs, in this case, a different approach was the right fit. We often recommend an insurance-based solution for what we see as the number one risk in many situations, but we’re committed to understanding each client’s unique needs and recommending solutions that work best for them.
Complicating Factors: Law enforcement background, small portfolio, high health risk