Retirees aren't prepared for healthcare costs
According to a new survey by the NHP Foundation, more than a third of Baby Boomers said they are most worried about affording healthcare in retirement. Sixty-five percent of those surveyed said that they have not budgeted for unforeseen health-related expenses.
This is a big mistake, as healthcare costs for a couple retiring this year are estimated at $275,000, not including long-term care expenses.
This trend presents a clear opportunity to financial advisors. By building healthcare into clients’ retirement financial planning, advisors can provide peace of mind and a competitive differentiator. By positioning themselves as comprehensive advisors, advisors are able to win new business and retain key clients.
How can financial advisors build out healthcare planning tools?
First, include care cost estimates in planning projections. Add a cushion for unforeseen circumstances, and with the way healthcare costs keep rising, it may be beneficial to overestimate.
Second, work with an advisor to provide Medicare advice. There are up to 18 different Medicare strategies and with very few resources available to consumers, most clients probably have the wrong one.
Last, if partnering with an advisor, find one who can also conduct medical bill auditing, HSA assistance and provider/prescription network recommendations. These services will directly save client dollars, improving satisfaction rates.
Bernard Health provides all of the above services and more. Learn more by downloading “Financial Advisors—Do your clients have the healthcare advice they need?”
To speak with a Bernard Health representative about the Healthcare Extension, click below.