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 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

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

Why healthcare planning in your retirement plan is key

Posted by Emily Kubis on Fri, Jun 15, 2018 @ 09:06

Medicare doesn’t cover everything

A new study shows half of retirees never calculated the cost of healthcare in retirement, and four in ten retirees say their expenses are higher than they expected.

The 2018 Retirement Confidence Survey illustrates why planning ahead for healthcare is so important, and why more and more financial advisors are integrating healthcare planning services into their firm’s value proposition.

Here are three Medicare misconceptions that could affect your wealth management clients.

First, many consumers do not realize that Medicare has costs associated with it, including premiums, copays, and deductibles, as well as prescription drug costs.

These costs should be considered “expected expenses,” and worked into comprehensive financial planning.

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

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, financial advisors, financial planner, healthcare extension, retirement, medicare costs, healthcare 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, financial advisors, financial planner, healthcare extension, retirement, medicare costs, healthcare costs

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