How financial advisors can advise clients on nontraditional coverage

Posted by Emily Kubis on Wed, Jun 20, 2018 @ 16:06

Three things to know

Have your clients asked for advice on health coverage? As healthcare costs continue to skyrocket and become cause for concern for Americans at every income level, more financial advisors are recognizing an opportunity to provide another level of service and advice.

When it comes to health coverage, there are numerous strategies your clients may consider. While most are probably covered under a traditional workplace plan, there are nontraditional options that might be a good fit for clients in different situations. For example, if you have clients who are self-employed or retiring before Medicare eligibility, they may need a different solution.

Even clients who have access to a traditional, comprehensive workplace plan may see less value in this type of coverage as premium costs rise into the hundreds and thousands of dollars per month.

Here are three types of nontraditional coverage your clients may consider. While advising on healthcare isn’t typically financial advisor’s area of expertise, having a working knowledge on these options will allow you to position your firm as providing comprehensive advice. Want to offer your clients personalized healthcare advice? Bernard Health provides a Healthcare Extension to financial practices across the country that allows advisors to provide insurance recommendations, enrollment assistance, medical bill auditing and more. Learn more.

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Tags: Bernard Health, financial advisors, financial planner, healthcare extension, retirement, medicare costs, healthcare costs, short term plan, direct primary care

With ACA uncertainty, consider these health insurance alternatives

Posted by Alex Tolbert on Mon, Jul 17, 2017 @ 07:07

Options that could shield you from disruption

The uncertain repeal of the Affordable Care Act makes it hard for consumers to plan ahead for their health insurance needs. But in Tennessee, some consumers can take advantage of nontraditional coverage options. These ACA alternatives include MediShare, underwritten health plans and direct primary care.

These types of plans allow consumers to access healthcare outside of ACA insurance, which could insulate consumers from disruption if the law is repealed.

However, it is important to note that none of these options are considered “qualified coverage” under the ACA. This means that as long as the law is still in place, consumers who only have these types of plans are liable for the tax penalty for lacking qualified coverage.

But in the event that the ACA and the tax penalty is repealed, these options could provide even more value for eligible Tennessee consumers.

Let’s look at each option and what type of consumer might benefit from them.

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Tags: healthcare, The Tennessean, Affordable Care Act, aca, health reform, individual digest, individual market, American Health Care Act, AHCA, Medi-Share, direct primary care

How to use direct primary care and health insurance

Posted by Alex Tolbert on Wed, Apr 20, 2016 @ 12:04

How does DPC work outside the insurance system?

The Healthcare Empowerment Act has been approved in the Tennessee state legislature, creating new regulations for an innovative approach to doctor’s visits called direct primary care (DPC) — where a health care provider agrees to provide primary care services at a fixed monthly rate. While some Tennessee physicians already offer this service, the new bill clarifies guidelines for doctors and consumers.

The bill states that DPC arrangements are not health insurance, and are not regulated by the Department of Commerce and Insurance. In fact, most direct primary care physicians don’t even take health insurance.

This has created some confusion for consumers. How does DPC work outside of the insurance system?

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Tags: healthcare, The Tennessean, primary care physicians, direct primary care, legislation, Healthcare Empowerment Act

Under proposed law, direct primary care could expand in Tennessee

Posted by Alex Tolbert on Wed, Apr 06, 2016 @ 09:04

Healthcare Empowerment Act could boost growing primary care arrangement

A new bill proposed in the Tennessee legislature, called the Healthcare Empowerment Act, would create regulatory guidelines for an approach to primary care that is becoming increasingly popular. This approach is called “direct primary care.”

Direct primary care typically exists outside of traditional health insurance. Instead of going through an insurance carrier to find and pay a primary care doctor, patients and providers independently agree to a service contract and membership fee.

For example, a direct primary care agreement might cover all office visits and basic lab work for $75 per month. Additional services might cost extra, but those are typically outlined upfront.

This kind of care arrangement has grown in popularity as consumers are covering more and more of their own health care costs. As patients see their out-of-pocket expenses rise, many want to shop around for primary care like they would for any other purchase. The direct model is an innovative response to consumers who want more control over their primary care.

Is direct primary care right for your family? Following are some pros and cons to consider.

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Tags: healthcare, The Tennessean, primary care physicians, direct primary care, legislation, Healthcare Empowerment Act

Michael Burcham tackles lack of ‘healthcare quarterback’

Posted by Alex Tolbert on Thu, Apr 23, 2015 @ 05:04

A case for primary care

Who quarterbacks your healthcare? In other words, when you’re facing a hard decision related to your health, who do you call? Dr. Google?

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Tags: healthcare, The Tennessean, primary care physicians, direct primary care

Icon Pediatrics joins direct primary care trend

Posted by Alex Tolbert on Wed, Mar 11, 2015 @ 05:03

How does Direct Primary Care work?

More and more doctors are opting out of healthcare’s traditional, fee-for-service business model. Instead, they are moving to a subscription fee model under which they provide unlimited care for a fixed, monthly charge.

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Tags: healthcare, Nashville health insurance, The Tennessean, direct primary care

Is direct primary care a good option for my family?

Posted by Ryan McCostlin on Wed, Feb 18, 2015 @ 05:02

Reader Q+A

I've been hearing a lot about doctors’ offices that don't take insurance but offer unlimited primary care for a monthly fee. Is this a good option?

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Tags: FAQs, subscription, direct primary care

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