Cadwell says he wants clients to be ready no matter what the impact of the health care legislation because a healthy couple retiring at 65 in 2010 needs to be prepared to spend more than $200,000 in out-of-pocket expenses over the rest of their lives, even with Medicare.
Cadwell tries to make the discussion with clients about these costs less intimidating by "dovetailing the analysis with retirement budgeting, real estate planning and long term care planning."
Craig Larsen, a financial advisor in St. Charles, Illinois, likes to discuss the subject with clients as soon as possible, preferably during the first meeting. "If you don't plan for your potential health care costs when you're 22, 42, 62, it could really cause significant hardship later," he says.
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