The Hidden Costs of Aging: How to Prepare

If you missed our March webcast, catch the full episode now! We were lucky enough to have special guest Larry Steinberg, Chief Investment Officer, discuss The Hidden Costs of Aging and How To Prepare.

0:00 Introduction
0:30 Larry Steinberg introduction
1:14 Q&A instructions
1:59 Hidden costs of senior living and healthcare
3:23 Common healthcare expenses
4:17 Creating a financial plan that includes a care plan
5:29 Who should be involved in creating a care plan?
6:32 The costs of staying at home or aging in place
7:15 The importance of care plans and making decisions ahead of time
7:58 The psychological effects of aging in place
9:25 Knowing your options in order to create a plan for different situations
10:45 Finding trusted resources to help with creating a plan
11:42 Considering different options for in-home care
12:36 Having community at a senior living community
13:45 Financial considerations for in-home care and senior living community
14:39 The consideration of happiness in a living situation
16:12 The cost of individualized at-home care vs extended care community
17:34 The consideration of living in community with others for mental health and fighting loneliness
19:52 Utilizing investment management to save for retirement, spendable after-tax income, and tax planning
21:30 Building non-taxable home equity for spendable income
22:11 Adjusting income, spending, and savings to compensate for inflation
22:38 Communicating your care wishes to your family and care team before there’s stress on your situation
23:51 Doing your research and planning ahead to set yourself up for success and getting your top choices in living situations
24:50 Strategies for paying for senior living, creating cash flow, using equity, and long term care insurance
27:28 Examples of costs for senior living, and what long term care insurance may cover
28:47 Putting contingencies in place for when things don’t go as planned
30:15 Other support systems to consider, such as transportation and senior centers
32:07 Audience Q&A - What are options to consider for people who don’t have family to care for them?
34:38 Cost range for caregivers and levels of care
36:10 Cost range examples for levels of care in different areas of the United States
38:40 What questions should you ask when looking for a financial advisor to be part of your care team?
40:54 How do you work with a professional to craft a budget for covering the costs of care?
42:19 When is the right time to get long term care insurance?
44:20 How does long term care insurance pay out and what does it cover?
45:30 Disputing the denial of a legitimate claim for long term care insurance
46:43 Finding a professional fiduciary, engaging them, and what are their fees?
51:19 The ideal components of a care team and who takes the lead on decisions
53:19 Thank you and wrap-up
53:53 Upcoming webcast - Mental Health Spotlight: What Seniors Should Know