Three things financial advisors should know in 2019
How to best address client needs
Healthcare is no longer the political lightning rod it once was, but constant regulatory changes means it's an issue that's hard to keep up with, and one that causes a lot of confusion for consumers.
To address this need, more financial advisors are integrating healthcare planning services into their practices. Whether you are simply helping clients estimate and prepare for their future healthcare needs, or are providing more hands-on healthcare planning services, here are three things financial advisors need to know in 2019.
1. Legislative updates
With Democrats winning the House in the 2018 midterm elections, healthcare is likely to remain a topic of political conversation in 2019. Democrats' main priority is to stabilize the health insurance marketplaces, and proposals include resuming reinsurance payments to consumers and providing federal funding to help consumers enroll in coverage.
The Affordable Care Act also faced its most recent legal hurdle at the end of last year, as a federal judge in Texas ruled the law unconstitutional. This ruling is being appealed, and many experts expect the case could reach the Supreme Court.
2. Health Savings Account changes
Contribution limits for HSAs increased in 2019 — individuals will be able to contribute up to $3,500 and families can contribute up to $7,000. The majority of Americans still aren't fully funding their HSAs, nor are they using these accounts to save for retirement. Advisors can help consumers maximize their HSAs as investment vehicles.
3. Medicare advantage change
A new policy from the Centers for Medicare and Medicaid Services will allow consumers to change their Medicare Advantage plans through March 31, 2019.
"You basically get to test drive the plan,” Ryan McCostlin - who leads Bernard Health's work with financial advisors - told USA Today.
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. Learn more by clicking below.
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