Remedial MathRyan Hogan
“I strongly suspect that it’s not just death and taxes that Americans accept as inevitable. I believe there is a general cultural consensus that as we near the end of the journey there will be an inordinate level of expense and that it will have something to do with our declining health. Unfortunately, it does appear that the fear itself is nebulous, generalized and grossly underestimated.
I am also certain that those perceived future expenses have been jumbled all together and that medical expenses for acute /subacute out-of-pocket versus custodial care finances have all been tossed into the same vague mental tumbler. Clearing up this confusion is often where a sales process begins. It’s not one pot of money, there are two distinct financial potholes lying in wait over the horizon. Although we all too often begin the process with an insurance conversation about how much insurance we need for both problems (sold separately), we usually end up with ‘How little can still do the job?’
Recent retirement surveys have estimated that for those 65 and older the aggregate cost of out of pocket medical expenses for a couple is…”
Click here to read more, originally published in the December 2017 edition of Broker World Magazine.