A chronic or terminal illness can turn a person’s life upside down. After a person receives a diagnosis, her thoughts may turn to how it could affect quality of life and relationships with loved ones. The last thing she wants to worry about is how illness could affect financial plans.
That's where you come in — to reduce the financial stress for these individuals and their families.
CPA personal financial planners are continually evolving to better serve their clients, 随着他们客户群的年龄增长, an increasing number will experience chronic or terminal illness.
关于 one in nine people over 65 in the U.S. has been diagnosed with Alzheimer’s disease, according to 阿尔茨海默病协会. 10个美国人中有6个.S. adults are living with a chronic disease, 根据疾控中心.
As a CPA personal financial planner, you are in an ideal position to guide clients as they age or face a medical diagnosis, helping them minimize financial stress and make the most of their time with friends and family.
我们的 健康过渡指南 provides essential tools and tips for how you can smoothly ferry clients through the turbulence of chronic or terminal illness. Here are five ways the guide facilitates serving clients.
Assess your client’s unique situation
Every client grappling with a chronic or terminal illness will have a unique situation and require a customized financial plan.
和你的客户坐下来谈谈, and possibly the client’s family members, to gain a better understanding of how the diagnosis will affect the client’s life and financial situation. The Health Transition Guide provides a list of questions to ask your client about living arrangements, available caregivers and transportation options and needs. The client’s answers should serve as a clear starting point for crafting a custom care balance sheet.
创建一个护理资产负债表
Many people create financial plans when they’re healthy, and it’s difficult to predict how much they might need to save in case of emergency or illness. When a client has been diagnosed with a chronic or terminal illness, the client will likely need to adjust the current plan, especially if the diagnosis was unexpected.
The 健康过渡指南 covers how to relate to clients going through a difficult time, build a care budget and use a care balance sheet and asset review worksheet.
Although dealing with the numbers is important, the 健康过渡指南 also addresses the family’s role in supporting a chronically or terminally ill client.
Pinpoint potential funding sources
After creating a care balance sheet, you may find the client has a budget deficit due to increased costs. 医疗预约, 处方, home modifications and caregiving costs can quickly add up, but the good news is there are several ways to fill funding gaps.
Work with your client to figure out whether the client can count on family support, or tap into long-term care insurance, 人寿保险或年金. Check whether they qualify for Social Security Disability Insurance (SSDI) or can claim Social Security benefits now. If the client owns a home, the client may be able to tap into home equity with a reverse mortgage.
Your guidance can help your clients gain a holistic view of their resources and highlight funding opportunities.
权衡住房选择
A chronic or terminal diagnosis will often require clients to adjust their living situation, whether that means modifying their current home, 雇佣护工, downsizing or moving into an assisted living facility. You can help them make the best choice for them, using tools available in the 健康过渡指南.
If you find a care community is the right decision for your client, the guide covers the available options and how to assess the financial viability of a given community.
Evaluate Medicare, tax and estate planning considerations
Major health transitions often create a cascading effect on all aspects of your client’s life, 包括健康保险, 投资, 退休, 税务及遗产计划. The guide offers case studies to help you evaluate your client’s options.
Work with clients to make sure all these areas are updated to suit their current circumstances, so they can make the most of their life and legacy.
Read more about guiding your clients through a health transition in the 健康过渡指南. Exclusive to PFP Section members.