Most retirees aren’t planning ahead for healthcare costs
There is sometimes a misconception that when you turn 65, you just “go on Medicare,” and your healthcare is paid for throughout retirement.
This is actually not the case. First, there are at least 18 different Medicare strategies consumers can choose from. Second, there are expenses associated with Medicare, in particular, premiums for Medicare Part B and prescription drug costs.
Part B premiums range from $134 per month to $428.60 per month in 2018, depending on income.
Other costs to consider are the costs of supplemental Medicare policies, drug plans, or Medicare Advantage plans.
When determining a Medicare strategy, be sure to evaluate all of these costs to find the right combination of coverage for your particular needs.
Smart financial planners are embracing this as an opportunity to provide better service and win new business by stepping up and filling the gaps in healthcare advice.
Bernard Health’s Healthcare Extension gives financial advisors access to a team of licensed, noncommissioned healthcare advisors who answer client questions, lead seminars, complete analyses and deliver personalized healthcare recommendations each fall. Through the partnership, planners can roll healthcare advisory into their practice without hiring a dedicated staff member.