Will healthcare undermine your clients’ retirement strategy?

Posted by Emily Kubis on Thu, Nov 15, 2018 @ 14:11

Affluent Americans are concerned about the impact of healthcare costs on retirement

According to a new study published by Nationwide, healthcare costs are a major concern as adults age, and six in ten affluent Americans surveyed are “terrified” of how healthcare costs may derail their retirement plans.

These consumers are right to be concerned about these costs in retirement – expenses are expected to top $280,000 in retirement, according to a 2018 estimate by Fidelity Investments.

More than half of the respondents surveyed by Nationwide said they are concerned about not having the money they need to cover unplanned medical expenses in retirement, and Nationwide confirms many Americans are already unable to handle unexpected healthcare costs.

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

Three surprise healthcare costs that can affect retirement savings

Posted by Emily Kubis on Thu, Nov 08, 2018 @ 13:11

How to prepare

Do your clients have the information they need to effectively plan for healthcare costs in retirement? More and more advisors are recognizing that healthcare is an area of significant concern when it comes to retirement savings, but many retirees are still not planning for all of their potential costs.

Financial advisors have the opportunity to help clients better understand what to expect, and how to plan ahead for healthcare costs. In particular, here are three surprise healthcare costs that many Americans are not currently planning for.

By developing expertise in these areas in-house or partnering noncommissioned insurance advisors, financial advisors and wealth managers can give peace of mind to clients.

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

How financial advisors can help clients with open enrollment

Posted by Emily Kubis on Wed, Oct 31, 2018 @ 10:10

Open enrollment begins Nov. 1

Open enrollment is here! Beginning Nov. 1, consumers can compare and enroll in Affordable Care Act plans via Healthcare.gov and state-based marketplaces until Dec. 15. You may already have clients asking for advice in this area, or you may know of clients who could use assistance in choosing the right healthcare strategy.

Here are a few tips for how financial advisors can help clients with open enrollment, providing another level of comprehensive service and wealth management.

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

Financial advisors: Do your clients need help with healthcare costs and coverage?

Posted by Emily Kubis on Mon, Oct 08, 2018 @ 08:10

How to identify clients who need help

More and more financial advisors are recognizing that healthcare costs have a material impact on clients’ retirement strategies, and are taking steps to provide more comprehensive advising in this area.

One way of accomplishing this is by offering a Healthcare Extension through Bernard Health to provide clients access to licensed, noncommissioned health insurance experts to assist in finding the right strategy.

You may already have some clients asking for assistance in this area, but clients in the following scenarios may also benefit from additional support and advice.

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

Bernard Health announces new Healthcare Extension partnership with Baird to support financial advising clients in healthcare planning

Posted by Emily Kubis on Thu, Sep 20, 2018 @ 11:09

Healthcare advisory firm Bernard Health today announces a new partnership with Baird to provide healthcare planning and health insurance advice to clients of the national financial services firm.

As healthcare costs continue to rise, integrating insurance and healthcare expenses into retirement is an area of significant concern for clients of financial advising and wealth management practices. At the same time, there are few resources available to help individuals and families make the right decisions around health and drug coverage, Medicare, and planning for healthcare needs and costs in retirement.

Through the 12-month Healthcare Extension partnership, Baird’s 900 advisors across the country will have access to Bernard Health’s licensed, noncommissioned healthcare advisors. Bernard Health has more than a decade of experience helping individuals and families compare and enroll in medical coverage, drug coverage, Social Security, and dental and vision coverage, as well as providing advocacy and support in doctor and provider recommendations, medical bill auditing and opening Health Savings Accounts.

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

How financial advisors can help retirees get Medicare right

Posted by Emily Kubis on Wed, Sep 12, 2018 @ 09:09

Four tips for financial advising clients

Healthcare costs in retirement are expensive —  Fidelity Benefits Consulting estimates a 65-year-old couple retiring this year will spend $275,000 on healthcare, not including long-term care expenses.

One of the reasons Medicare can be so costly is that there are 18 different options for retirees. With more choice comes more complexity, and consumers often don’t pick the right or most cost-effective strategy for their needs.

However, financial advisors can assist retirees in both planning ahead for healthcare costs in retirement as well as finding the right strategy. To learn more about this, click here to check out the webinar, “Medicare Open Enrollment: Top Four Ways Financial Advisors Can Help Clients Get Healthcare Right,” or read on for more.

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

How to help clients optimize Health Savings Accounts for retirement

Posted by Ryan McCostlin on Fri, Sep 07, 2018 @ 09:09

Check out this article on healthcare costs in Financial Advisor:

As financial advisors and wealth managers know, there are lots of ways to help clients plan for retirement. Different strategies work better for some Americans than others, but most advisors agree that the most obvious strategies are maximizing investments in traditional retirement accounts such as 401(k)s and Roth or Traditional IRAs.

If your clients have the means, maximizing investments in these accounts is a smart strategy. However, there is another kind of retirement account that many consumers aren’t yet taking advantage of—health savings accounts (HSAs).

Much has been written about how these accounts can be used to pay for health-care expenditures tax-free, but savvy consumers are increasingly seeing the opportunity to use these accounts primarily as a tax-advantaged retirement vehicle.

Financial advisors are in a position to help clients better understand this option and how it can serve as another tool in their retirement strategy. Below are a few things advisors should know—and can help clients understand—about using HSAs as a retirement account.

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Tags: financial advisors, wealth managers, healthcare extension, healthcare advice, retirees, short-term health insurance

How much does healthcare cost in retirement?

Posted by Emily Kubis on Fri, Aug 31, 2018 @ 08:08

Questions to ask to help project healthcare spending

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 continues to rise every year, leading even affluent Americans to say they are “terrified” of what healthcare costs may do to their retirement plans.

Fortunately, good planning can help retirees ensure they have the right healthcare strategy into retirement and throughout their lives.

Financial advisors are playing an increased role in helping clients develop these strategies.

Here are four questions advisors and wealth managers can ask their clients to help project care spending:

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

How much does Medicare cost?

Posted by Emily Kubis on Mon, Jul 30, 2018 @ 10:07

Most retirees aren’t planning ahead for healthcare costs

There is sometimes a misconception that when you turn 65, you just “go on Medicare,” and your healthcare is paid for throughout retirement.

This is actually not the case. First, there are at least 18 different Medicare strategies consumers can choose from. Second, there are expenses associated with Medicare, in particular, premiums for Medicare Part B and prescription drug costs.

Part B premiums range from $134 per month to $428.60 per month in 2018, depending on income.

Other costs to consider are the costs of supplemental Medicare policies, drug plans, or Medicare Advantage plans.

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

Affluent Americans concerned about healthcare costs in retirement

Posted by Emily Kubis on Fri, Jul 13, 2018 @ 09:07

How financial advisors can help

According to a new study by Nationwide, 75 percent of affluent, older adults list out-of-control healthcare costs as one of their top fears in retirement, and 64 percent of future retirees say they are “terrified” of what healthcare costs may do to their retirement plans.

As healthcare prices continue to skyrocket, from premiums to procedural costs, this trend has been on the rise, and financial advisors are taking note.

More and more advisors and wealth managers are incorporating a healthcare component to their retirement advice, providing not just a cushion for unexpected healthcare expenses, but also assisting clients in finding the most cost-effective strategy for the best coverage possible.

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

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