Nationwide: advisors need to talk with clients about healthcare costs in retirement

Most advisors say that having discussions about health care costs in retirement helps to keep clients loyal, according to a new report.

Nationwide Mutual Insurance Co. published this finding in a summary of results from its 2012 Financial Advisors and Health Care Costs Study. Conducted online in July by Harris Interactive Inc., the survey polled 501 financial advisors who count among at least 50 percent their clients individuals with $250,000 or more in investable assets.

Nationwide weighted the survey results by firm type.

Nearly six in 10 (57 percent) advisors surveyed say their clients are interested in talking about health care costs in retirement. But more than half of those polled admit that discussing their clients’ health is “challenging.”

Additionally, 30 percent of respondents say they are confident in their ability to estimate their clients’ health care costs in retirement.

More than four in 10 (43 percent) advisors say their clients show little interest in discussing the subject. That could be because nearly 75  percent of advisors say many of their clients don’t realize how crucial planning for health care costs in retirement is.