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

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

Smart financial planners step up to fill gaps in healthcare advice

Posted by Ryan McCostlin on Mon, May 08, 2017 @ 12:05

A 'healthcare extension' gives clients the expert advice they need

I used to be really boring at cocktail parties. When a new friend would ask me about what I do for a living, I talked about solving problems in health insurance. Our team at Bernard Health has helped thousands of people make better decisions around health insurance and Medicare. But who wants to hear about that at a cocktail party? My social skills could have been better.But two things happened that made me more interesting. Or at least less boring. 
  1. The Affordable Care Act and subsequent policy debates made health insurance sexy (sort of) for maybe the first time ever.

  2. I learned to stop talking about healthcare. I started asking questions about healthcare instead, and I was surprised by what I observed. The same people whose eyes glazed over when I brought it up became animated when they had space to talk about their own healthcare experiences and concerns.
My unscientific cocktail party research revealed that most people care deeply about healthcare. They don't necessarily want to talk about wonky topics like population health or cost sharing reduction subsidies, but they have strong opinions and some anxiety around physician networks and prescription coverage. It turns out that healthcare - how to plan for it, how to maintain it, how to pay for it - isn't just a conversation for analysts and journalists. As long as they're given the space, everyday Americans want to discuss it.

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

Open enrollment, Medicare enrollment ending soon

Posted by Emily Kubis on Mon, Dec 05, 2016 @ 11:12

Deadlines approaching for 2017 coverage

Open enrollment for both Medicare and individual health insurance end this month, and consumers should be aware that deadlines are quickly approaching for coverage beginning January 1.

The deadline to make changes to Medicare Advantage and Part D prescription drug plans is December 7. The deadline for enrolling in individual coverage beginning January 1 is December 15.

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Tags: Medicare, Medicare Advice, open enrollment, Individual Plans, individual digest, medicare open enrollment

Medicare and Its Many Parts

Posted by Ryan McCostlin on Sat, Mar 09, 2013 @ 07:03

Simple Advice on Medicare and How Each Part Applies to You

Call me naive, but I used to think that all I had to do was turn 65 and sign up for Medicare and that was about it. My healthcare would be (mostly) covered by the federal government.  Now that the baby boomers are retiring, 10,000 people are turning 65 every day. How complicated could it be? 

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Tags: Medicare Advice, Medicare Experts, medicare health insurance, Medicare Part D, Medicare Eligibility, medicare part b

Medicare Advice: Medicare Checklist for Individuals Approaching 65

Posted by Ryan McCostlin on Wed, Feb 09, 2011 @ 17:02

Medicare Advising for Those Approaching 65

There's no reason to be nervous about growing older. With the right Medicare advice, you can get the insurance and medical assistance you need. We've compiled a checklist to help you get started.

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Tags: Medicare Advice, Medicare Experts, Medicare Consulting, medicare health insurance, over 65 health insurance

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