How to provide expert healthcare planning advice to clients
How Bernard Health's Healthcare Extension works
Financial advisors and brokers in 1985 couldn’t have predicted that clients would ever think to ask them for advice around managing healthcare costs.
Until recently, clients rarely brought up healthcare in financial planning meetings. But as healthcare has become more expensive — compare 8 percent of GDP in 1980 with 18 percent of GDP in 2015 – and more complex following regulatory changes, including the Medicare Modernization Act in 2003 and Affordable Care Act in 2010, more and more clients are thinking about current and future healthcare spending as material to their financial well-being.
Not knowing where else to turn, many began asking their financial advisor, “Who can help my family figure out health insurance, Medicare, and medical bills? I’m in a position where it’s critically important to make the right decisions and almost impossible to feel confident I’m getting it right.”
A multi-generational wealth management team in Nashville began thinking about healthcare financial planning as an opportunity to offer a valuable and needed service.
In 2017, this firm decided to test the efficacy of healthcare financial planning and selected Bernard Health as an extension of their practice. The pilot was designed to introduce healthcare financial planning to select clients. For 12 months, Bernard would provide ongoing healthcare financial planning for up to 30 households, identified and referred by the firm.
The firm went on to refer 33 clients to Bernard Health in the first 12 months of their pilot. At the end of the pilot, they renewed their partnership with Bernard Health and expanded their commitment to healthcare by offering healthcare financial planning to up to 40 households in 2018-19. In addition to supporting clients, Bernard sends regular reports (“Healthcare Financial Planning Snapshots”) to ensure the firm’s team knows the healthcare strategies implemented by each client referred.
To learn more about adding a Healthcare Extension to your practice, click below to contact a Bernard Health advisor.
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