Financial Risks of Choosing the Wrong Medicare Plan

Choosing the wrong Medicare plan can set retirees back financially and physically. High health care costs can threaten retirees’ savings. And carrying insufficient or inappropriate health insurance can allow medical expenses to snowball and derail their retirement plans.

To put health care costs in perspective, an average retired couple that is age 65 in 2022 may need approximately $315,000 saved after taxes to cover health care expenses in retirement, according to Fidelity. (https://www.fidelity.com/viewpoints/personal-finance/plan-for-rising-health-care-costs)

“It’s critical to help Medicare-eligible individuals select optimal plans to reduce the likelihood that lack of coverage would prevent smart health care utilization choices — not only for their health outcomes, but also to help keep health care spending in check,” the survey says.

Here are three (3) ways we serve as a reliable Medicare resource for our clients:

Educate our clients on Medicare plans and costs. 

First, Our Medicare advisors are healthcare licensed and have been certified annually with the Center of Medicare and Medicaid Services. Our Advisors understand the myriad plans and costs presented by Medicare.  They understand the questions to ask as it relates to the health care resources available to our  clients and the impact on our clients’ financial situations.

Bring up health care costs and strategies early in our advising relationship.

 Understanding a our client’s medical costs, needs and concerns early in a relationship can help an advisor offering a holistic plan that takes those projected expenses into account. Being a trusted resource on questions related to health care expenses and Medicare plan selection can strengthen our advising services.