Will Unexpected Medical Costs Blindside Your Income or Business?
Unexpected health issues can cause financial distress even to the best run companies.
One all too frequently ignored problem that aging business professionals who own and operate successful businesses fail to confront are the ‘never’ expected health issues. I mean ‘never’ because most business owners tell me they will continue to operate their businesses.
Increasingly I hear “I don’t intend on retiring”. This is a sentiment shared by many business owners and it is a reasonable statement.
What isn’t reasonable though is the statement that often accompanies the first which is “I’m healthy”.
The undeniable fact is that sudden unexpected health issues can and do arise more frequently that most people realize. This needs to be considered. What if X happens?
Last week, I was talking to a business owner and this was exactly his response. My concern based on experience is that few spouses have the ability to step in when their spouse becomes ill, disabled or incapacitated. I’ve talked to business owners who now have chronic long term unanticipated medical concerns.
When owners cannot function at the same level as before, key issues are ignored. The fate of business is at risk and can lead to rapidly decelerating profitability. Generally the hallmark of businesses that survive and prosper is that they anticipate the worst, plan for the best and are inventive and proactive. You’re only as strong as your weakest link.
Where businesses are a major asset or provide the majority of personal income, major unexpected health issues can dramatically change their loved ones lives and personal fortunes. Failure to incorporate long term planning scenarios means you believe either you’re very lucky or chose to live in denial. How many people do we all know who’ve experienced sudden impossible to predict life changing medical issues that changed their lives?
It is alarming how many business owners continue to gamble against unexpected age related illnesses. Ignoring the facts by turning a blind eye will only assure you and your family one thing; that you could be merely renting your life style. The dreams and assumed continued financial success will be jeopardized costing you untold hundreds of thousand if not millions of dollars.
My question is why bet against the inevitability of aging and associated health related consequences? It’s a bet few will ever win. There are strategies to hedge against life’s unexpected events. Call me and we’ll discuss your plans and see how we can secure what you’ve worked a lifetime to acquire.