The moment your client discussions pivot to financial, retirement, estate, or risk management planning, you cannot avoid the topic of Healthcare In Retirement....PERIOD.   Every client will die, and there's a high likelihood they will develop a chronic or age-related condition before they pass, so your advisory role should recognize the convergence of wealth and health to achieve your clients' planning goals. 

With that in mind, ask yourself the following questions:  To what extent do I have….

The ability to help clients understand how Medicare, Medicaid, the ACA  (Obamacare) & Healthcare In Retirement will impact their comprehensive planning?

A Long-Term Care Planning “Fact Finder” to better engage clients so they can better understand Healthcare In Retirement and how it fits into our advisory relationships?

A consultative approach and the resources to design & present both non-insurance strategies and appropriate consumer-oriented, insurance-based Long-Term Care planning solutions?

The ability to objectively discuss all types of Long-Term Care planning options available in the marketplace?

A relationship with "partners" to ensure successful plan design, underwriting, and implementation for Healthcare In Retirement?

Real-World Implications….

There are numerous outlets for advisors to access Long-Term Care Planning resources to maximize client relationships and opportunities, but here is a recent case that highlights this point:  

An advisor was working with a client dealing with the issues of an aging parent.  We were asked to join the discussion when the topic turned to how the client might approach their personal planning needs.  One of the first things we discussed was Medicare and the couple's current mandatory cost for Healthcare In Retirement.  While the advisor believed her clients had a “modest” financial picture, the couple's current Part B and Part D indicated otherwise.

Although nearly every American over age 65 will be covered by Medicare, the mechanics of paying for Medicare is often misunderstood, and this includes Medicare's Income Related Monthly Adjustment Amount (IRMAA)   If a client's modified adjusted gross income (MAGI) is above a certain amount, they will be paying Medicare premiums over the basic monthly premium.  Quite simply, this client's current Medicare premium indicated a much larger income than the advisor believed her clients' had, which helped uncover a much larger asset base than what was previously assumed to exist.

Additionally, after completing a Genivity HALO Assessment and implementing a significant Asset-based Long-Term Care plan, the advisor was able to gather a multi-million dollar, multi-generational investment portfolio and begin discussing estate and retirement planning with the client’s CPA and attorney. 

This is a great example of maximizing the INERTIA relationship for "practice readiness" and how to make the planning process for Healthcare In Retirement an essential aspect of comprehensive financial, retirement, or estate planning. 

We look forward to increasing your “practice readiness” for Healthcare In Retirement and Long-Term Care to maximize your opportunities.....

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