As the baby boomer generation ages, health care has become an increasingly important aspect of financial planning, and advisors are taking note. The article in The Globe and Mail's Advisor Practice notes that health care has become an important part of more and more advisors' practices, with some even specializing in it.
One of the reasons for this is the fact that health care expenses can be a major burden on retirees, especially those who require long-term care. As a result, advisors are incorporating health care costs into their financial planning strategies in order to better prepare their clients for the future.
Another reason for the increasing focus on health care is the growth of health care technology and innovation. This has created new investment opportunities for advisors and their clients, and many advisors are now offering health care investment options as part of their services.
However, incorporating health care into financial planning can be complex, as there are many factors to consider, including Medicare coverage, long-term care insurance, and the potential costs of various medical treatments and procedures. As a result, many advisors are seeking out specialized training and certifications to better serve their clients in this area.
Overall, the article concludes that health care is likely to become an increasingly important part of financial planning in the years to come, as the baby boomer generation continues to age and as health care technology and innovation continue to evolve. Advisors who are able to effectively incorporate health care into their practices will be well-positioned to help their clients navigate this complex and rapidly-changing landscape.
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