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Health and aging: Is your family ready to cover the costs?

Use these four questions as a guide to help you plan ahead for future medical and caregiving needs

 

MOST PEOPLE DON’T WANT TO THINK ABOUT the health-related what-ifs that come with aging, let alone talk about them — especially with family. Nonetheless, that conversation is critical to have. Having a plan in place that you’ve put together as a family can free everyone up to focus on each other instead of worrying about where the money will come from should you or an aging parent or spouse fall ill. “The best time to talk about these matters is before you need to,” notes Cynthia Hutchins, director of financial gerontology at Bank of America.

 

Below are four questions to help you start having these important family talks with your spouse, your children, your parents and your siblings. Use them to share your expectations with your family. Consult your financial advisor about ways to prepare financially for the health-care costs that may occur. And keep talking as years go by and circumstances change. While no one can know the future, being prepared for what might come next can make the road ahead easier.

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Long-term care insurance coverage contains benefits, exclusions, limitations, eligibility requirements, and specific terms and conditions under which the insurance coverage may be continued in force or discontinued. Not all insurance policies and types of coverage may be available in your state.

 

This material should be regarded as educational information on health care and is not intended to provide specific advice. If you have questions regarding your particular situation, you should contact your legal and/or tax advisors.

 

Merrill, its affiliates, and financial advisors do not provide legal, tax, accounting or benefits consulting advice. You should consult your legal and/or tax advisors before making any financial decisions.

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