In this episode of the AICPA Personal Financial Planning Podcast, Cary Sinnett interviews Dr. Carolyn McClanahan, a physician and financial planner, on the importance of addressing healthcare in financial planning. They discuss how health and financial wellbeing are deeply intertwined, especially when planning for long-term care, aging, and unpredictable health events. Dr. McClanahan emphasizes the importance of having early conversations about healthcare plans, estate directives, and the costs of care to ensure families are prepared.

How can financial planners integrate health-related conversations into their planning process, especially when clients are reluctant to discuss their health?
What steps should families take to prepare financially and emotionally for potential long-term care needs, particularly when care costs can vary significantly between home care and assisted living?
Why is it essential to have conversations about healthcare directives and long-term care preferences early, while everyone is still healthy?
How can families plan for the financial impact of a loved one’s health event, especially when the timing and severity of such events are unpredictable?
What role do tools like long-term care insurance, reverse mortgages, and hybrid life insurance policies play in safeguarding a family’s financial future in the face of rising healthcare costs?

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Podcast: The importance of addressing long-term care planning
Guide: Guide to Retirement & Elder Planning: Healthcare Coverage Planning
Podcast: Taxes and financing retirement healthcare

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Intersection of Health and Financial Planning {PFP Section}

AICPA Personal Financial Planning (PFP)