As millions of retirees grapple with the challenge of creating a secure income stream that may need to last 30 or more years, one area must be at the forefront of all planning discussions: the potentially devastating impact of healthcare costs.
I first came to this realization when I began taking care of my parents after they retired, as I was unprepared for the exorbitant out-of-pocket medical costs that began to accumulate. I had been lulled into a false sense of security, as millions of others currently are, that Medicare would cover these expenses. This caused me to reflect upon my experience in financial services, where I realized that the very professionals who could have helped defray these costs were also unaware of their true impact.
Given the seemingly endless scope of rising healthcare costs, it is the obligation of the financial services industry to provide the tools, products, and personalized support to help Americans plan for a stable retirement. As the industry begins to move in the direction of a wealth/health connection, the firms that offer simple and direct solutions, embrace advisor training, and integrate healthcare cost planning into a comprehensive retirement strategy will ultimately become the new industry leaders.
Ron Mastrogiovanni, Founder and CEO
