3 questions to ask when you're looking for a health partner

Posted by Ryan McCostlin on Wed, Jan 24, 2018 @ 07:01

Check out this column in ThinkAdvisor!

As health care costs continue to rise, financial advisors are increasingly building health care consulting services into their value proposition to clients. The issue is material to wealth management — health care costs in retirement are estimated at $275,000 for a couple retiring this year, according to Fidelity Benefits Consulting.

More financial advisors are recognizing that strategically evaluating health care and insurance costs is key to an effective retirement strategy. But most financial planners and wealth managers aren’t insurance experts themselves, which has led to a partnership between two industries — health care and benefits advisors and wealth management experts.

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

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

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