Creating the perfect retirement investment strategy during pre-retirement with a client can take years, but by neglecting Medicare optimization, some advisors are unknowingly setting their clients up for thousands in unexpected costs that can quickly eat away at nest eggs and an advisor’s assets under management.
This OEP, take the time to ensure that client’s assets are safe from unexpected healthcare costs by initiating important discussions whether it is advantageous for their client to reevaluate their Medicare coverage.
Part that I’d like to use but don’t know where/how/if.
Changing plans can make a huge difference to clients. If they’re having problems with the provider network or not getting healthcare services due to prior authorization restrictions, review plan options during OEP. If they’re paying huge amounts for their prescription refills or don’t have coverage for a prescription medication, switching plans could help. In fact, we’ve seen people save as much as $235,000 simply by changing plans during OEP.
Melinda Caughill, CSA, is co-founder of i65 Incorporated, which offers Medicare guidance software for financial planners.