Long Island Accountants Diapoules and Feinstein CPAs P.C., Respond to Incorporating Healthcare Costs in Financial Planning

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Long Island accountants, Diapoules and Feinstein CPAs P.C., respond to an article published by the Financial Advisor that discusses what kind of financial guidance clients need when planning for retirement, including accounting for medical expenses.

On March 20, the Long Island accountants Diapoules and Feinstein CPAs P.C. respond to an article published by the Financial Advisor discussing what kind of financial guidance clients need when planning for possible medical expenses.

The Financial Advisor article claims that healthcare costs are a prevalent concern that individuals about to retire or those that have already retired need to consider and often have not made proper preparations for. The article states that a financial advisor can offer their clients a perspective that could address and prepare their clients for their medical care needs. The article notes that information collected from those asked to consider healthcare needs indicates that they greatly underestimated their probable medical expenses.

The transition from a health insurance plan provided by an employer and the structure of Medicare are reported to be common sources of clients' procedural misunderstandings. The article identifies each individual’s case as being highly specific, with a wide variety of variables needed to calculate the costs for Medicare depending upon the individual’s circumstances. The article mentions a study’s findings that reported clients would be more inclined to stay with a financial advisor that would provide assistance in planning for healthcare contingencies in retirement.

Further commentary is provided on the complex and confusing nature of Medicare, stating that making cost-effective decisions on plans may be difficult due to an overwhelming number of options and relatively little understanding of how the plan will ultimately effect the client. As a result, the article claims that it is possible for an individual to end up paying much more than is necessary.

Jim Diapoules, of Long Island accountants Diapoules and Feinstein CPAs P.C., comments on incorporating medical expenses into a comprehensive financial plan for the future. “Naturally, planning for one's future is one of the most important things that anyone can do. It is concerning to find out that so many people underestimate the cost of retirement, especially when planning for medical expenses. People are living longer and will likely need to cover their medical expenses for proportionally as long. The longer the period that an individual has to plan for, the more room for error exists. It is critical to seek an advisor that fully understands how to prepare finances in such a scenario.”

Diapoules and Feinstein CPAs P.C. have been providing accounting, auditing and tax services to the Greater New York City area since 1989. D&F provides our clients with great personal attention and years of professional experience in order to see them succeed and help them to feel confident.

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Jim Diapoules
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