5 Ways Advisors Can Help Clients Slash Healthcare Costs
Here are 5 things advisors can share with clients when helping them navigate the murky waters of Medicare.
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Source: Allsup
1. Understand how existing group health plan coverage may coordinate with Medicare.
2. Choose the right Medicare plans
Individuals choosing traditional Medicare still have an average of 20 Medicare Part D prescription drug plans from which to choose. Those evaluating Medicare Advantage plans over traditional Medicare also have an array of options, with an average of 20 plans from which to choose. Most also can choose from 10 standard Medigap policies for supplemental coverage, ranging from basic to comprehensive coverage. However, even though policies are standardized, the price can differ from one company to the next. Adding to the complexity, Medigap plans are not required to accept someone after the persons initial enrollment period.
3. Follow Medicare enrollment rules and avoid penalties.
4. Understand added Medicare costs if they have higher incomes - and how to potentially lower those costs.
Higher-income beneficiaries pay higher premiums for Medicare Part B and prescription drug coverage. For Part B, the 2013 monthly premium is $104.90 for joint filers with income of $170,000 or below ($85,000 for single filers). However, the premium increases to between $146.90 and $335.70 for those with incomes above these thresholds. Likewise, higher-income beneficiaries can expect to pay from $11.60 to $66.40 more each month in prescription drug premiums.
5. Secure healthcare coverage for their spouse or dependents.
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