{"id":22277,"date":"2024-08-07T20:47:12","date_gmt":"2024-08-07T20:47:12","guid":{"rendered":"https:\/\/www.thinkadvisor.com\/2024\/08\/07\/this-looming-health-threat-faces-a-third-of-older-americans-advisors-can-help\/"},"modified":"2024-08-07T20:47:12","modified_gmt":"2024-08-07T20:47:12","slug":"this-looming-health-threat-faces-a-third-of-older-americans-advisors-can-help","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/08\/07\/this-looming-health-threat-faces-a-third-of-older-americans-advisors-can-help\/","title":{"rendered":"This Looming Health Threat Faces a Third of Older Americans. Advisors Can Help."},"content":{"rendered":"
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Fortunately, research has shown that lifestyle changes can go far in delaying the onset of symptoms and reducing their severity when present. A proper diet, no drinking or smoking, moderate exercise, ample sleep, low stress and strong relationships have proved helpful.<\/p>\n

The key, though, is to incorporate this lifestyle as early as possible. A new study from the New England Journal of Medicine reveals that people might have Alzheimer\u2019s 20 years before they develop symptoms. The U.K. set a goal to diagnose two-thirds of patients early, but that remains elusive.<\/p>\n

This is why financial advisors must engage with clients on this important topic. In addition to the emotional toll, the financial burden is often devastating. Round-the-clock care can cost $150,000 per year. Spouses often find themselves forced to forgo promotions and shift to part-time work \u2014 or leave the workforce entirely \u2014 to serve as caregivers.<\/p>\n

Children spend an average of $7,200 annually on caring for a parent.<\/p>\n

What Advisors Can Do<\/h2>\n

An advisor is the individual best positioned to alert clients that their future is likely to involve dementia or Alzheimer\u2019s. This can include being persuasive in helping them decide to improve their lifestyle, and to increase their savings or alter their portfolio allocation so they have a better financial defense against the costs associated with this illness.<\/p>\n

These are difficult conversations to be sure, but they are essential. Advisors can approach the topic with empathy, sharing stories of their own families if relevant, to help them prepare \u2014 both financially and emotionally.<\/p>\n

The array of strategies at your disposal is vast: long-term care insurance, durable medical directives and health care proxies, investment income approaches and more. This is among the best ways to provide value to clients.<\/p>\n

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Ric Edelman is an author and founder of the RIA Edelman Financial Engines. He now leads the Digital Assets Council of Financial Professionals<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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