Making the wrong Medicare decision can make health care, the biggest expense in retirement, even more costly. Financial advisors can help clients avoid these common oversights before it's too late.
For individuals turning 65, the decisions made around Medicare coverage will have a huge financial impact on their retirement.
Financial advisors can help avoid these mistakes by incorporating health-care planning into their conversations and having trusted resources to which they can refer clients.No two retirements look the same. But there is one thing all individuals face in their golden years: high health-care costs. "People do feel overwhelmed and baffled by Medicare," said Katy Votava, president of Goodcare.com. "But there are some basic things that an advisor can do."Admittedly, Medicare rules have countless nuances. Unless you have someone on your team devoted to the topic full time, it can be overwhelming to take on.
Add health care to your client meeting agenda. "Put it on the annual agenda, and a lot of those issues will fall out before they're a crisis," Votava said.
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