Three Steps to Helping Clients Manage Health Care Costs in Retirement – David Armes
Most senior adults prefer to stay in their home as long as possible – after all, home is where the heart is.
People who are retired or will soon retire say in surveys that their future health care costs are an important financial concern.
One reason is that they know from their own experience that health care costs increase at faster rates than other kinds of spending. They also understand that their future health – which may determine how much they will pay for care — is unpredictable, and that a serious prolonged illness could derail their retirement. The majority of retirees also say that Medicare’s complexity makes it difficult for them to know what to do and how to find out whether they are paying more than they need to for their health care. Financial advisors may be able to address some of these concerns by suggesting relatively easy ways for clients to manage their retirement health care spending.
In “Three Steps to Helping Clients Manage Health Care Costs in Retirement” you will learn:
- The ways that the cost of health care is different from other retirement costs;
- How to help clients understand health care’s late-retirement spending pattern;
- Benchmarks to help clients determine how comprehensive their coverage should be;
- The importance of re-evaluating coverage during Medicare’s annual open enrollment;
- How to find the names and toll-free numbers of non-profit Medicare counseling agencies, including ones in each of the 50 states, that at no cost will answer questions and help clients find the coverage that meets their needs.
David Armes, CFP®, Principal of Dover Healthcare Planning, LLC
David is Principal of Dover Healthcare Planning, LLC, a fee-only firm that assists clients in evaluating their Medicare options. Prior to starting the firm, David served for four years as a volunteer Medicare counselor after retiring from his job as real estate division manager for a large corporation. He is the author of several published articles about managing retirement health care costs, including the cover story of the October 2017 issue of the Journal of Financial Planning.
Moderator: Betty Meredith, CFA, CFP®, CRC®, Int’l Retirement Resource Center
1 hr CFP®, CRC®, and other CE Credit Reporting
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Video and audio MP3 formats available
Specifications: 60 minute webinar course
Knowledge Level: 3 – Intermediate