Listen to the interview on the Business Innovators Radio Network: Interview with Brendon Murphy, CEO and President of Compass Financial Solutions Discussing Long-Term Care

Brendon Murphy, CEO and president of Compass Financial Solutions, dives into the critical topic of long-term care, discussing why many individuals underestimate their need for it. Brendon shares his personal journey into the financial services industry, which began in 2013 after meaningful conversations with his father-in-law. He reflects on his grandmother’s experience in a dementia ward, highlighting the emotional challenges and the importance of planning for long-term care. Brendon emphasizes how his personal experiences have shaped his approach to advising clients on long-term care solutions.

Long-term care planning is a crucial component of financial and health management that should ideally begin in your 50s and 60s. This proactive approach is essential for several reasons, particularly given the rising costs of care and the unpredictability of health events.

Brendon emphasizes that discussions about long-term care should start when individuals are in their 50s and 60s. At this stage, many are preparing for retirement and have accumulated assets in 401(k)s and IRAs. However, long-term care is often an overlooked aspect of financial planning. By initiating these conversations early, individuals can better understand their options and make informed decisions that will benefit them in the long run.

The financial implications of long-term care are significant. Brendon highlights that the average cost for home care in Pennsylvania can reach $5,500 per month, while top-tier facilities can cost upwards of $150,000 annually. With the average stay in a memory care facility being around eight and a half years, total expenses can easily exceed $1.1 million. Many people do not have this amount readily available, making it crucial to have a long-term care strategy in place before a crisis arises.

One of the key points discussed in the episode is the flexibility available in long-term care planning. Individuals can choose from various options, including traditional long-term care insurance, life insurance with long-term care riders, and hybrid policies that combine benefits. By starting early, individuals can take advantage of lower premiums and tailor their plans to fit their specific needs and financial situations.

Waiting until a health crisis occurs to address long-term care can lead to rushed and potentially poor decision-making. Brendon notes that once the need for long-term care is triggered, it is too late to secure a policy. This underscores the importance of having a plan in place well in advance. By doing so, individuals can avoid the stress and pressure of making hasty decisions during a challenging time.

Brendon shared: “It became important to me to make sure that people had some type of long-term care in their portfolio.”

Video Link: https://www.youtube.com/embed/GFBpvioNYzc

About Brendon Murphy

As the CEO and President of Compass Financial Solutions Inc. in Havertown, PA, I provide professional expertise in Long Term Care, Business Insurance, Life Insurance, and Personal Pension Fixed Annuities products. I’ve been helping families, individuals, and business owners secure financial peace of mind since 2013.

At Compass Financial Solutions Inc., I currently service individuals, families, and businesses throughout the Greater Philadelphia Region, New Jersey, Delaware, North Carolina, Las Vegas, and Georgia.

Learn more: http://www.mycfsi.com/

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