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Medicare Part B rates to rise

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 Higher income consumers pay more

According to the Wall Street Journal, Medicare’s trustees project a $8.80 increase in Medicare Part B premiums in 2020. Currently $135.50 per month, the base premium is expected to hit $144.30 next year, with a final figure expected in the fall.

Notably, higher income consumers pay more - couples filing jointly with an income at or above $750,000 pay $460.50 per month in 2019.

Financial advisors can help clients prepare for healthcare expenses in retirement. Many Americans mistakenly believe that Medicare is free - but other costs to consider are the costs of supplemental Medicare policies, drug plans, or Medicare Advantage plans.

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.

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