High-earning small business owners can save thousands by switching to Medicare

Posted by Ryan McCostlin on Mon, May 14, 2018 @ 08:05

Check out this article on healthcare costs in Financial Advisor:

With healthcare costs rising much faster than inflation, planning ahead for health-care expenses has been increasingly material to financial advising. But integrating care expenses into retirement planning is only part of the puzzle.

Ensuring that clients not only have enough in their retirement plan to cover healthcare expenses, but also have the most cost-effective strategy for their health coverage, is part of comprehensive financial planning.

 

In this column, I’ll explain how advisors can help clients save up to $12,000 annually by transitioning to Medicare. This is a situation that we see often for professionals who are partners or business owners in their organization, and nearing retirement age. For this example, we’ll use a client who works as an attorney and firm partner.

I’ll cover why transitioning off the group plan is often the right strategy, what Medicare choices are available, and how asking the right questions can uncover the best, most cost-effective coverage option for your client.

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Tags: Medicare Advice, healthcare advice, financial advisors, healthcare extension, wealth managers, ThinkAdvisor

Financial planning clients are making a big healthcare mistake

Posted by Emily Kubis on Mon, May 07, 2018 @ 07:05

Retirees aren't prepared for healthcare costs

According to a new survey by the NHP Foundation, more than a third of Baby Boomers said they are most worried about affording healthcare in retirement. Sixty-five percent of those surveyed said that they have not budgeted for unforeseen health-related expenses.

This is a big mistake, as healthcare costs for a couple retiring this year are estimated at $275,000, not including long-term care expenses.

This trend presents a clear opportunity to financial advisors. By building healthcare  into clients’ retirement financial planning, advisors can provide peace of mind and a competitive differentiator.  By positioning themselves as comprehensive advisors, advisors are able to win new business and retain key clients.

How can financial advisors build out healthcare planning tools?

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Tags: Bernard Health, retirement, healthcare costs, financial planner, financial advisors, healthcare extension, medicare costs

How to use healthcare advice as a competitive differentiator

Posted by Emily Kubis on Mon, Apr 30, 2018 @ 07:04

How to help financial advisor clients save money

As healthcare costs continue to skyrocket and affect Americans near or in retirement, financial advisors are increasingly integrating healthcare advice into their practices.

From Medicare costs in retirement to paying for long-term care, healthcare is a key part of a comprehensive financial plan.

(More: Healthcare costs are affecting retirees—financial advisors can help)

Rather than develop the healthcare expertise in house, many advisors are partnering with outside firms such as Bernard Health to offer this advice. Learn more about the Healthcare Extension through Bernard Health here.

If this is the approach your firm has taken, here are three strategies for success, and getting the most ROI out of your investment by using it as a competitive differentiator.

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Tags: Bernard Health, retirement, healthcare costs, financial planner, financial advisors, healthcare extension, medicare costs

Healthcare costs are affecting retirees—financial advisors can help

Posted by Emily Kubis on Fri, Apr 20, 2018 @ 08:04

How to help financial advisor clients save money

Healthcare costs in retirement are a huge concern for older Americans, and financial advisors are uniquely positioned to address this area of need. According to Fidelity Benefits Consulting, a 65-year-old couple retiring this year will spend $275,000 on healthcare, not including long-term care expenses.

This number has been on the rise for years, which is why smart planners are increasingly building healthcare planning into their clients’ financial goals and portfolios. But aside from asset management, there are many other intersections of healthcare and finance where consulting services are sorely needed but hard to find. 

Three areas advisors may not have considered as affecting their clients’ finances are yearly Medicare costs, high-dollar medical bills, and HSAs. Planners can help clients make more informed, cost-effective and tax-advantaged choices by partnering with insurance advisors, national consulting firms, or building expertise in-house.

Providing advisory services in these areas is to the benefit of both your clients and your practice. Here are three areas you may not have considered when it comes to retirement and healthcare costs, and how you can help your clients address them.

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Tags: Bernard Health, retirement, healthcare costs, financial planner, financial advisors, healthcare extension, medicare costs

How Bernard Health reduces financial advising clients’ drug costs

Posted by Emily Kubis on Mon, Apr 09, 2018 @ 07:04

How to help your financial advising clients save money

As healthcare costs continue to rise, financial advisors and wealth managers are increasingly recognizing the need for their practices to address healthcare planning from a financial perspective.

According to the most recent estimate from Fidelity Benefits Consulting, a 65-year-old couple retiring this year will spend $275,000 on healthcare, not including long-term care expenses.

This is up by $15,000 from 2016, and as healthcare costs continue to rise, this number is likely to increase substantially every year.

Because of this, more advisors are recognizing that healthcare plays a role in the advice they give their clients around retirement and investing.

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Tags: Bernard Health, retirement, financial planner, financial advisors, healthcare extension, medicare costs

Three benefits of offering healthcare advice through your financial planning practice

Posted by Emily Kubis on Fri, Mar 30, 2018 @ 09:03

Integrated advice through a healthcare extension versus referrals

Making the right healthcare decision can be critical for consumers, but there’s a lack of good advice available. 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 and complete analyses delivering personalized healthcare recommendations. Through the partnership, planners can roll healthcare advisory into their practice without hiring a dedicated staff member.

We consider this a true extension of the firm’s practice, which often begs the question—why would you want to integrate these services into your firm, rather than just secure a referral partner?

Here are three benefits of offering the advice through your firm:

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Tags: Bernard Health, retirement, financial planner, financial advisors, healthcare extension, medicare costs

Which kind of healthcare advisor will you be?

Posted by Ryan McCostlin on Wed, Mar 21, 2018 @ 09:03

Check out this article in ThinkAdvisor:

Not all financial advisors and wealth managers are cut from the same cloth. Some focus almost exclusively on growing clients’ liquid assets. Others encourage clients to call them before making any big financial decision—”Don’t buy a car without calling me first!”

But whether you take a more hands-on or hands-off approach with your clients' financial planning, healthcare should be included in comprehensive retirement planning.

According to the most recent estimate from Fidelity Benefits Consulting, a 65-year-old couple retiring this year will spend $275,000 on health care, not including long-term care expenses.

This is up by $15,000 from 2016, and as health care costs continue to rise, this number is likely to increase substantially every year.

Because of this, more advisors are recognizing that health care plays a role in the advice they give their clients around retirement and investing. There are two approaches advisors are taking. The first approach takes clients’ expected and unexpected health care costs into consideration. The second, more hands-on approach, adds additional customized consulting. This ensures clients not only plan for their expenses, but that they choose the most cost-effective health care strategies.

Here’s what advisors should know about each approach.

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Tags: Medicare Advice, healthcare advice, financial advisors, healthcare extension, wealth managers, ThinkAdvisor

How does Bernard Health’s ‘Healthcare Extension’ work?

Posted by Emily Kubis on Fri, Mar 16, 2018 @ 09:03

Frequently asked questions

Making the right healthcare decision can be critical for consumers, but there’s a lack of good advice available. 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 allows financial advisors to roll healthcare advisory into their practices and provide personalized healthcare advice to clients without hiring a dedicated staff member.

We often get questions from advisors on how the Healthcare Extension works. Here are a few frequently asked questions:

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Tags: Bernard Health, financial planner, financial advisors, healthcare extension

What financial advisors should know about Medicare

Posted by Emily Kubis on Wed, Feb 28, 2018 @ 08:02

Three things to know about advising clients

With healthcare costs in retirement estimated at $275,000 for a couple retiring this year, more financial advisors are recognizing that healthcare is an integral part of a comprehensive retirement strategy.

Most retired clients will eventually sign up for Medicare, which means financial advisors need a working understanding of the health coverage program for seniors and how it can affect your clients’ finances.

Here are three things financial advisors need to know about Medicare:

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Tags: Bernard Health, retirement, financial planner, financial advisors, healthcare extension, medicare costs

Stock sell-off presents one of many opportunities for comprehensive advisors

Posted by Emily Kubis on Wed, Feb 21, 2018 @ 08:02

Three services comprehensive financial advisors provide

The recent stock sell-off has drawn big headlines, which has led many Americans to express concern over their investments.

This uncertainty presents an opportunity for comprehensive financial advisors to offer another layer of customer service, leading to better client retention and a competitive advantage.

Smart financial advisors have taken the—often alarming—headlines as an opportunity to touch base with clients and offer some reassurance and personalized advice.

As advisors are increasingly competing on more than just asset management, these services allow advisors to position themselves as more comprehensive than the competition.

Here are two other ways advisors can offer an increased level of personalized service.

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Tags: Bernard Health, retirement, financial planner, financial advisors, healthcare extension, medicare costs

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