Why healthcare planning in your retirement plan is key
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.
Second, Medicare doesn’t cover everything.
Long-term care, dental care, eye exams, dentures, hearing aids and more are not covered by traditional Medicare. Find a list of what Medicare doesn’t cover here.
Third, there is more than one Medicare strategy.
In fact, there are at least 18! There is sometimes a misconception that you just “go on Medicare” once you turn 65. But options include Medicare Part A, Medicare B, Medicare Part D, Medicare Advantage, Medicare supplement plans, employer retirement plans and combinations thereof.
As a result, getting Medicare right for clients is a key way to add value and prepare a comprehensive retirement strategy.
To learn more about how Bernard Health helps financial advisors integrate healthcare advice, click below.
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