Preparing for Healthcare Expenses

As a financial professional and Realtor I find it important to understand and know the financial challenges people face in meeting healthcare expenses, specifically the need for Long Term Care planning and financing.

Healthcare specifically in-home, custodial or facility care is the #1 expense seniors face. This expense will wipe out a persons ability to pay their housing costs including mortgage, HOA dues, taxes, insurance and ordinary way of life expenses. 

Think about this, many pay HOA fees around $400 mo. (4,800 yr.) - this is the #2 expense for many and we need to become aware of these financial challenges and stand ready to help if/when living conditions change and they will. Why isn't the Realtor Associations that teach and train agents getting involved in seeing this problem as a source for more lead identification and sales of properties due to these life changing events?

To learn more about the real costs people face and how to prepare for this, watch this short video: Click Here

The problem of liquidating assets (home) to come up with money for care is real. Some tap into equity, some purchase some form of care plan in advance, some shift assets (Medicaid Planning), some are forced to sell their home and transition to less costly housing and some have their children pay either for a long term care plan or for the care itself.

Here is an article on this subject: https://legacypac.advisorprofiles.com/article/388841