Choosing one coverage option over another can mean a difference of hundreds, or even thousands, of dollars in out-of-pocket costs over the course of the year. The sheer number of options available can frustrate those who are trying to make a wise choice. People often experience “choice overload” as they try to choose among, on average, 35 Part D prescription drug plans and 18 Medicare Advantage plans. In addition, in most states, there are 10 standardized Medigap plans, each offered with varying premiums by numerous insurance companies.
The result is predictable: Research shows that the vast majority of retirees fail to find and enroll in the Part D plan that meets their medication needs at the lowest cost. Inertia also comes into play, as few beneficiaries switch plans during the annual enrollment period even though it may save them money to do so.
The Medicare talk you have with your clients as they turn 65 may be the most important Medicare discussion you’ll ever have, but don’t let it be the only one.
Financial advisors can add value to their service by making Medicare planning part of their clients’ annual financial review. This involves finding ways to assess their Medicare plan choices as part of their comprehensive evaluation of the client’s finances.
Financial advisors also can set themselves apart by working with a Medicare plan selection service. Experienced Medicare specialists provide a depth of Medicare expertise to an advisor’s clients and a higher level of assistance with making coverage choices that protect both the client’s health and retirement income.
Mary Dale Walters is senior vice president of the Allsup Medicare Advisor, a nationwide Medicare plan selection service offered by Allsup Inc. Allsup Medicare Advisor is a flat fee-based Medicare plan selection service that provides a comparative analysis of plans and serves as a trusted resource for financial advisors and seniors. Allsup Medicare specialists can work with your clients one-on-one to assess their needs and research their Medicare options, so they can choose cost-effective coverage that protects their health and retirement savings. Financial advisors may contact (888) 220-9678 or go to FinancialAdvisor.Allsup.com for more information.