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Financial advisors—how to help your clients with annual Medicare reviews



Medicare strategies should be evaluated annually

Healthcare costs are a big concern for Americans at all income levels. This is an issue financial advisors are well-positioned to address, which is why planners and wealth managers are increasingly integrating healthcare and health insurance advising into their practices, either in-house or through partnerships with noncommissioned advisors like Bernard Health.

Medicare presents particular challenges for financial advisors and their clients. We estimate there are 18 Medicare strategies, and the overwhelming number of options typically means most consumers don’t have the most cost-effective strategy.

Medicare is a reoccurring and long-term expense for your clients, so finding the right combination of plans and products is key. Further, Medicare policies change yearly, so reevaluating the strategy annually is also important.

Here are four reasons your clients should reevaluate their Medicare strategies yearly, and how financial advisors are positioned to help.

Status Change

Changes to employment, retirement or income can affect the best strategy for your clients. Healthcare plays a significant role in determining when to retire or whether to elect Medicare or stay on a group plan.

Part C

With Medicare Advantage plans, networks are constantly changing. Your client’s doctor may be in-network one year and out-of-network the next.

Part D

Medicare drug plans also change yearly. Part D has to cover one drug in every category, but they may not cover your client’s preferred prescription.

Because of these yearly changes, Medicare strategies should be audited annually to ensure the best and most cost-effective strategy.

Bernard Health’s Healthcare Extension gives financial advisors access to a team of licensed, noncommissioned healthcare advisors who answer client questions, lead seminars and complete analyses delivering personalized healthcare recommendations each fall. Through the partnership, planners can roll healthcare advisory into their practice without hiring a dedicated staff member.

Learn more about offering a Healthcare Extension through Bernard Health by clicking below.

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