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How Bernard Health reduces financial advising clients’ drug costs

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How to help your financial advising clients save money

As healthcare costs continue to rise, financial advisors and wealth managers are increasingly recognizing the need for their practices to address healthcare planning from a financial perspective.

According to the most recent estimate from Fidelity Benefits Consulting, a 65-year-old couple retiring this year will spend $275,000 on healthcare, not including long-term care expenses.

This is up by $15,000 from 2016, and as healthcare costs continue to rise, this number is likely to increase substantially every year.

Because of this, more advisors are recognizing that healthcare plays a role in the advice they give their clients around retirement and investing.

Some advisors are considering healthcare advice as a competitive differentiator and also offer customized advising services to clients on top of basic fiduciary advice. In other words, these advisors also help clients select a Medicare and prescription drug strategy, time the move onto Medicare and evaluate the most tax-advantaged strategy across Health Savings Accounts and other retirement accounts.

Rather than build out healthcare expertise in-house, our advisor partners have hired Bernard Health’s licensed and noncommissioned advisors to provide customized healthcare advice to clients.

These partners include financial advisor partners associated with Morgan Stanley, Ameriprise Financial and Baird, among others.

How does the Healthcare Extension work? Here’s an example of a client we helped with prescription drug costs. Names have been changed to protect personal information.

Chuck*, 65, enrolled in Medicare last May. He enrolled in a drug plan with the help of his pharmacist, but a few months later was notified two of his most expensive drugs, for which he paid $1,000 per month, were no longer going to be covered by the plan. Bernard Health helped Chuck file an appeal to get the medication covered for the remainder of 2017, and helped him enroll in a drug plan that covers all of his medications for 2018.

To learn more about the Healthcare Extension and read additional case studies, download “Case Study: Healthcare Extension through Bernard Health.”

To speak with a Bernard Health representative about the Healthcare Extension, click below.

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