20 May Medicare Planning IS Financial Planning
As most of us know, healthcare costs are one of the largest drains on a retirees budget. And as a matter of fact, medical costs are the number one cause of senior bankruptcy in the United States. Making sure you have the right Medicare coverage for your personal situation is a key part of your financial planning. It is critical to look at the costs and benefits of all options to make the best decision for you. I view my job as educational, not a sales position. It is important that each individual understand the options and make the best decision for them. My clients are intelligent and once I guide them through a cost benefit analysis they are able to make the best decision, and I trust them to do that.
Medicare Advantage plans change from year to year since they operate on annual contracts. The overall Medicare rules and laws change on occasion as well and it is my job to stay current on all of these changes on behalf of my clients. Rates are typically changing as well which may make one Medicare Supplement plan more cost-effective than another.
The majority of Americans lose their health insurance when they retire and many have to fill a gap between retirement and the start of their Medicare at age 65. The good news is that once they are eligible for Medicare there are good options available to them at a reasonable cost.
It is important to fully assess the needs of each individual client and to ask the right questions as we find the right Medicare solution for them. What are the financial consequences in the event of a major health event? Are they prepared to cover co-pays if they choose a plan that has them? It is very important to choose a plan that has affordable premiums but equally important to analyze the out-of-pocket costs that could be associated with a major health event. It is also critical to be sure that the health care insurance chosen covers the providers that each individual uses. It is pretty devastating to get coverage and then realize that your favorite doctor won’t accept that plan.
Please treat your Medicare planning as an important part of your financial plan so that you ensure you have the protection of your financial assets in place when you need it the most.