Dave Beck Featured in Self-Lender Magazine: How to Prepare to Care for Aging Parents
September 15, 2015, Self-Lender magazine — In this issue of Self Lender magazine, reporter Douglas Matus interviewed Egan, Berger & Weiner’s insurance agent Dave Beck on the topic: How to Prepare to Care for Aging Parents.
Beck says: “First, take care of legalities. In my experience, an attorney is the most important person, in the whole elder-care planning process,” says Beck. “Documents that you will need a lawyer’s help with include durable general power of attorney, durable health-care power of attorney and medical directives.”
Beck also believes it’s critical to establish a financial plan. “Clients often tell me that they will pay long-term costs themselves — until we show them what happens if an average-length stay in a nursing home is necessary. In most cases, that inspires them to re-evaluate the need for long-term care insurance. For example, the typical stay is 2.7 years, which at an average cost of $90,000 a year comes to $243,000.”
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