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Like it or not, health care is becoming a central part of retirement planning for financial advisors and their clients.
Rising medical costs make it critical to weigh coverage options — whether traditional Medicare, Medicare Advantage or self-insuring. Despite its limitations, many retirees are drawn to Medicare Advantage for its lower premiums and added benefits. But even that route is narrowing as some insurers drop unprofitable members.
The calculus is even more complicated for younger Americans, many of whom say they’re afraid Medicare simply won’t be there for them by the time they reach retirement.
READ MORE: 4 Social Security pitfalls that can cost clients in retirement
And beyond basic coverage, there’s the looming financial risk of long-term care. When combined with everyday medical needs, it can leave retirees managing a daunting mix of chronic and unexpected expenses. Here’s what advisors need to know to help clients navigate the complex health care landscape.
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