Affluent Americans concerned about healthcare costs in retirement

Posted by Emily Kubis on Fri, Jul 13, 2018 @ 09:07

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How financial advisors can help

According to a new study by Nationwide, 75 percent of affluent, older adults list out-of-control healthcare costs as one of their top fears in retirement, and 64 percent of future retirees say they are “terrified” of what healthcare costs may do to their retirement plans.

As healthcare prices continue to skyrocket, from premiums to procedural costs, this trend has been on the rise, and financial advisors are taking note.

More and more advisors and wealth managers are incorporating a healthcare component to their retirement advice, providing not just a cushion for unexpected healthcare expenses, but also assisting clients in finding the most cost-effective strategy for the best coverage possible.

One way some financial planners are doing this is by partnering with insurance advisors. With seven in ten affluent adults saying they wish they understood Medicare coverage better, the need for good health coverage advice is clear.

For example, the Nationwide study found more than half of those surveyed did not know that Medicare Part B is not free, and nearly a quarter did not know that you cannot enroll in Medicare at anytime.

Through the Healthcare Extension from Bernard Health, wealth managers and financial advisors have access to a team of licensed, noncomissioned insurance advisors. Bernard Health has more than a decade of experience helping individuals and families find the best, most cost-effective strategy for their health coverage, and can assist your clients with Medicare, drug coverage, Social Security, ancillary coverage, physician network recommendations, bill audits and more.

To learn more about partnering with Bernard Health, click below.

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Topics: Bernard Health, retirement, healthcare costs, financial planner, financial advisors, healthcare extension, medicare costs

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