The cost of care

I learned the value of an active lifestyle young. Decades after winning gold and bronze medals in the 1976 Olympics, I continue to put in my laps and weight-train religiously.

My husband and I are committed to staying fit for life and equally determined to keep the things we cherish for as long as we can. Rather than be burdened with fear of what tomorrow may or may not bring, we grabbed the bull by the horns and planned for future long-term care costs over a decade ago. Now, we live knowing that we can continue to enjoy the things we value the most without worry or regret. 

This year marks the tenth anniversary of Genworth Financial’s Cost of Care survey and it’s a great time to discuss long-term care in all its forms with your clients. By minimizing their risk, you can help them prepare to meet the challenges of tomorrow before the task becomes too monumental to achieve.

Here’s how.

Get to know what your clients value.

I was a spindly kid from Wisconsin…coached primarily by my parents in a lake…on a team made up almost entirely of my six siblings and myself.

But I had a dream to swim in the Olympic pool one day and compete for gold. When the world echoed a resounding no, I leveraged coaches and mentors who understood my goals and were equally as passionate about them. That’s how I eventually made it to the Olympic podium. Your clients’ goals are no less significant and it’s up to you to understand what it is they value so you can help them plan accordingly.

Maybe Ms. Moreno would like to take the rewarding job offer that comes with a pay cut. Now that they’re retired, the Bradleys would like to open that business they’ve been talking about for years. And the Browns would love to buy a vacation home on the Gulf Coast to enjoy with their growing family.

No two clients are the same, so determine what they each value in their lives now and what they want for their futures. Then align those priorities with their financial action plan.

Discover the cost of care, to best prepare.

I can’t count the number of times my eyeballs nearly popped out of my head during my swim career when I learned of new records posted by my competition.

Seeing how high the bar had been raised became part and parcel to my training regimen, giving me incentive to train harder and smarter.

The 2013 Cost of Care survey lets your clients see exactly what they’re up against so that they, too, can prepare to meet the challenges.

Using this simple map, the Cost of Care survey shows a state-by-state comparison of long-term care costs. It’s become one of the most powerful tools in the shed of advisors I work with, ensuring their clients understand the costs facing them and their loved ones.

It also offers year over year increases so that they can plan even better for tomorrow. When my father required care 32 years ago, typical costs were in the $18 per day range. Today, my mother’s care is $282 per day. Get to know what care costs are for your clients so that they can plan ahead accordingly… it’s never too early.

Give your clients options that suit their needs.