Many older adults are afraid to talk about medical costs
with their kids and even with their financial advisor according to a survey recently
released by the Nationwide Retirement Institute. Seriously???
As an older adult, I understand the awkwardness of the subject. After all, we, the seniors, are on the
declining curve of the Bell Curve of life expectancy. But really, the more we talk about our
concerns, the less frightening the choices become. We need to know the laws of our state
regarding state assistance for medical care.
We need to talk to our financial advisor, if we have one, so that s/he will
be better able to guide us with our investments. And if we don’t have investments, then we
need to talk to our spouse or children.
While “I don’t want to worry my kids” or “medical/health
issues are private” ring true, the burden of having to make decisions rests
upon those who are faced with unexpected critical situations.
One statistic that stood out for me from the Nationwide
survey was that 1/3 of those surveyed said they would be unable to pay for a
$500 unexpected expense.
To all those who are
reading this, start the conversation with your family. Take the plunge. Don’t wait for something to happen. Open the discussion. And let me know what happens.
Photo by Darin McClure
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