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

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employer healthcare freedom
employer healthcare freedom