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Financial Health

for Healthcare Professionals

Ten Questions to Ask Yourself When Planning for Financial Security

When thinking about how to protect other circumstances, may be unable to ness owner faced with a succession prob- 8. What if I already have a plan?
your livelihood or build the financial care for themselves. Even individuals lem). As you work to construct your strat- Even the best financial strategies should
resources you will need to live life as without a family have dependents – name- egy, be sure to think broadly about the be revisited and updated regularly, general-
desired, it often starts with clarifying what ly, themselves – since their well-being financial risks you face today, or may face ly at least once a year. Common life events
you want to achieve, what you value and depends on their own ability to earn an in the future. such as marriage, having children, chang-
how uncertainties can affect plans and income. With your list of current and 5. Are my plans flexible enough? ing jobs, or even moving, can affect your
aspirations. potential dependents in hand, you will be There are ways that financial product existing approach. So, too, can just having
To get you on the road to financial secu- better prepared to plot your course toward solutions can be structured to provide another birthday – particularly if it means
rity, here are 10 questions you’ll want to greater financial security. future flexibility and adjust with your you have reached a financial milestone,
ask first. 3. Who is providing for my dependents evolving needs. When speaking with your such as the year you can begin collecting
1. What is important to me? now? financial professional, ask about flexible Social Security, receiving Medicare bene-
Clarify what’s truly important to you – Does someone in your family provide solutions that can be upgraded (or down- fits, or taking distributions from your
the people you care about, the aspirations valuable non-financial support to those sized) as events in your life unfold. retirement accounts. An experienced
you have, the things you want to protect, you care about? Think of the stay-at-home 6. How do I pick the right financial pro- financial professional should regularly
and the support you’d like to give to oth- parent – they may not support their family fessional? review your strategy with you, to help
ers. Whether you reflect on this question with earned income, but the support they When choosing a financial professional, ensure that it remains aligned with your
by yourself, with family members, or do provide is just as valuable as any pay- work with someone who is not only com- objectives and appropriate for your cir-
alongside a financial professional – answer check. If a stay-at-home parent were petent, but also inspires your trust and cumstances.
this first, as it will create the framework unable to provide that support, it would confidence. The best financial profession- 9. What is the downside of putting this
around which your financial strategy can surely be expensive to replace. Account for als are good listeners who seek to fully off?
be built. all who provide essential financial or non- understand your circumstances and finan- Developing a financial strategy is a criti-
2. Who depends on me today and who financial support to your dependents. cial objectives before proposing possible cally important activity that should not be
might depend on me tomorrow? 4. What risks have I overlooked or not solutions. They should have access to rushed; however, there is a fine line
This question should be at the core of fully considered? product solutions from many fine compa- between not rushing the process and not
your decision making process and should People may concentrate on the risk of nies, should clearly explain how they get focusing on it at all. By putting this off, we
be answered well before you consider what premature or accidental death and over- paid for their services, and should provide expose ourselves and our families to
you may need. Spouses, partners and chil- look other risks to their well-being and references upon request. Make sure your unnecessary risks and lost opportunities –
dren are often thought of as the most obvi- livelihood (for example, a breadwinner financial professional has a solid support be it by not safeguarding our lifestyle from
ous dependents; however, there can be unable to work due to illness, an aging par- network behind them since those affiliated unexpected events, by not insuring our
others – for example, parents, in-laws or ent unable to care for themselves, a retiree with a strong, reputable firm will likely livelihood and legacy while in a position of
siblings who, due to age, disability, or dealing with rising healthcare costs, a busi- have access to better resources to support health and strength, or by not capitalizing
your changing needs. on even one extra day to build and protect
7. How do I pick the right financial our retirement nest egg. By actively focus-
services company? ing on this process, you can help protect
Based on your specific needs, your your interests and shape your future.
financial professional should present prod- 10. What am I waiting for?
uct solutions from companies that they You should now know what to consider
highly regard and with which they have as you develop your financial strategy and
had positive experience. Just as you will how to secure the best resources to turn
want to align yourself with a strong, rep- that strategy into a reality. Perhaps most
utable financial professional, you will want importantly, you should now understand
to do the same with regard to financial how to avoid common pitfalls that lead
Specializing in Medically services companies. In many cases, prod- some to take what may be the greatest risk
of all – the risk of doing nothing. Take the
ucts will be used to address financial needs
Complex Patients and objectives that last for decades, if not next step by doing additional research on
a lifetime. To help ensure that your finan-
your own or seeking guidance from an
cial product providers will be there when experienced financial professional.
Kindred Hospitals are owned by Kindred you (or loved ones) need them, work with
Healthcare, Inc., a national network of Long Term strong, stable companies that have Provided by Coastal Wealth, courtesy of
Acute Care Hospitals (LTACH's). received high marks from independent rat- Massachusetts Mutual Life Insurance Company
(MassMutual)© 2017 Massachusetts Mutual Life
Kindred Hospitals provide specialized, high quality ings agencies such as A.M. Best, Standard Insurance Company, Springfield, MA 01111-0001
FY1104
care for acutely ill patients. For more than a decade, & Poor’s, Moody’s and Fitch. CRN202004-210554
we have fine-tuned the art of medically complex care.
Our services range from complex catastrophic
illnesses that require intensive care, post-surgical medical
rehabilitation to patients suffering from chronic diseases requiring respiratory and
rehabilitative therapies. Kindred Hospitals provide outcome-oriented Palm Beach Gardens Medical Center
cost effective care for patients with a wide spectrum of
medical conditions. Opens New Neuro Intensive Care Unit

Admissions to Kindred Hospitals may be Palm Beach Gardens Medical Center now has a dedicated Neuro Intensive Care
recommended by physicians, acute-care hospitals, Unit (NICU) providing advanced, multidisciplinary, patient centered care for the
rehabilitation hospitals, managed care providers, case most critically ill patients with neurosurgical, and neurological life threatening ill-
management companies or by the patient’s family. nesses, including stroke, brain hemorrhage, and tumors.
In all cases family tours are encouraged.
As a primary stroke center, Palm Beach Gardens Medical Center is part of the
Advanced Neuroscience Network, a broad team of hospitals and doctors in Florida
who are focused on offering a full continuum of care throughout South Florida.
Kindred Hospital Kindred Hospital Kindred Hospital Kindred Hospital “The Neuro Intensive Care Unit is designed to address the clinical needs of our
Fort Lauderdale Hollywood Coral Gables The Palm Beaches neurological and neurosurgical patients to improve their outcomes,” said Dianne
1516 East Las Olas Blvd. 1859 Van Buren St. 5190 Southwest Eighth St. 5555 West Blue Heron Blvd Goldenberg, chief executive officer of Palm Beach Gardens Medical Center. “Our
Ft. Lauderdale FL 33301 Hollywood, FL 33020 Coral Gables, FL 33134 Riviera Beach, FL 33418 Neuro ICU is equipped with advanced minimally invasive monitoring and treatment
954-764-8900, ext. 5136 954-920-9000 305-448-1585 561-904-8451
techniques-both mechanical and pharmacological therapies to give our patients some
www.khfortlauderdale.com www.khsfhollywood.com www.khcoralgables.com www.khthepalmbeaches.com of the most advanced care.”

16 December 2017 southfloridahospitalnews.com South Florida Hospital News