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Financial advisors: Do your clients need help with healthcare costs and coverage?

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How to identify clients who need help

More and more financial advisors are recognizing that healthcare costs have a material impact on clients’ retirement strategies, and are taking steps to provide more comprehensive advising in this area.

One way of accomplishing this is by offering a Healthcare Extension through Bernard Health to provide clients access to licensed, noncommissioned health insurance experts to assist in finding the right strategy.

You may already have some clients asking for assistance in this area, but clients in the following scenarios may also benefit from additional support and advice.

Clients enrolling in Medicare for the first time
We have identified up to 18 different Medicare strategies. Choosing the wrong one can leave clients open to financial liability.

Clients retiring early

Most clients retiring before age 65 won’t be eligible for Medicare. A key factor in decision-making will be how to handle healthcare costs and coverage in the gap years.

Clients who are self-employed

The Affordable Care Act created new options for clients without workplace coverage, but marketplace plans aren’t always the most cost-effective option.

Clients with ongoing or chronic medical conditions

Ensuring robust coverage with minimal financial exposure, as well as billing accuracy, will be key for these clients.

Clients on Medicare who need assistance reevaluating their annual strategy

Many Medicare options change their prescription drug formularies yearly. Annual reviews may be required to maintain prescription coverage.

Clients in transition or evaluating COBRA

Continuing workplace coverage after employment is typically very expensive, and clients may have better options.

Adults age 26+ who no longer qualify for health insurance through their parents
Most adult dependents have multiple options for transitioning off a parent’s plan.

To learn more about the Healthcare Extension through Bernard Health, click below.

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