Deep discussion with financial advisor

How to Protect Your Financial Plans for Senior Clients

To protect your financial plans for senior clients, you need to start talking about healthcare costs and offer solutions.

  • Healthcare costs are the number one financial concern for retirees[1].
  • The average retiree spends 30% of their Social Security income on healthcare[2].
  • Medicare plans are a hundred-billion-dollar industry[3].
  • Senior clients who don’t feel they are being heard will look for a new financial advisor.
  • Healthpilot finds the right Medicare plan for your clients for life, which could save them thousands every year.

Your clients are worried.

Every day your clients hear stories about rising healthcare costs.  A patient is shocked to receive a $50,000 hospital bill. A drug that once cost $200 suddenly costs $3,000. These costs can threaten your clients’ wealth and prevent them from reaching their financial goals. To protect your financial plans for senior clients, you need to address these fears. If you won’t discuss them with your clients, another financial advisor will.

You can’t afford to have a Medicare blind spot. That’s why Healthpilot gives you a complete solution for your clients on Medicare. We do all the work of finding your clients the right Medicare plan. We even provide an estimate of plan savings and expenses for use in financial planning.

Medicare is key to managing healthcare costs.

Seniors and some people under 65 with disabilities have Medicare to help protect them from rising healthcare costs. They can also buy additional protection beyond Original Medicare (Medicare Parts A and B). Approximately 14.1 million people have Medicare Supplement Insurance (Medigap)[4].  And more than 26 million people have Medicare Advantage Plans[5]. In fact, only 17% of those with Original Medicare have no additional coverage[6]. Healthpilot offers your clients Medicare Advantage, Medigap and Medicare Part D Prescription Drug Plans available in their area. All in one place. All online.,

Finding the right plan is a challenge.

The average person on Medicare has a choice of 33 Medicare Advantage Plans and 30 Part D prescription drug plans[7]. Then plan marketers and Medicare brokers add to the confusion by bombarding your clients with phone calls, junk mail and spam. But no matter how many choices your clients have, Healthpilot will find them the right plan for their needs in minutes. Plus, they can enroll in their plan right on Healthpilot.

Make healthcare part of every client conversation.

Good communication is essential.  To protect your financial plans for senior clients, you need to make healthcare costs part of every conversation. Just as you guide new parents about saving for college, you should talk to Medicare-eligible clients about managing healthcare costs. Fortunately, you don’t have to be a Medicare expert to do this. Simply refer your clients to Healthpilot.  Once they tell us a little about how they use healthcare, we’ll recommend the right plan.

Review Medicare coverage annually.

The most important time to talk to clients about Medicare is before the Medicare Annual Enrollment Period.  Every fall, Medicare users have a seven-week window starting October 15 to review their current coverage and make changes. But too many clients pass up this opportunity. In fact, in 2020, 71% of Medicare users did not review their Medicare coverage at all during Medicare Annual Enrollment[8]. However, almost half of Medicare members who review their coverage during this period save money[9]. Additionally, many people qualify for Special Election Periods which will allow them to get a new Medicare Advantage or Prescription Drug plan outside of the Annual Enrollment Period.  And your clients can enroll in Medicare Supplement Insurance or switch between Medicare Supplement Insurance plans any time of year. With Healthpilot, you can give your clients an easy way to take advantage of this opportunity.

What if your clients don’t review their coverage?

Clients who don’t review their coverage may find that their Medicare plan has changed. For example, it may cost a lot more. Or a favorite doctor may no longer be in their network. This year, Medicare members face a 14.5% median increase in the cost of Medicare Part B premiums. This annual increase is the highest in the program’s history. But encouraging clients to review their coverage can save them from wasting money on the wrong Medicare plan. Fortunately, Healthpilot finds your clients the right Medicare plan for their needs and protects them from future changes, too. If we find a plan that could be better for their needs than their current plan, we’ll let them know.

Protect your financial plans for senior clients with Healthpilot.

As always, it comes down to better service. Without a solution to Medicare, financial advisors risk pushing senior clients away. But advisors who can get their clients into the right Medicare plan will thrive. Healthpilot does all the work of finding your clients the right Medicare plan. So you can focus on your core services. And we keep them in the right plan for life, which could save them thousands. It’s free, easy and secure for both advisors and clients. All you have to do is send an online referral.

Learn more about Healthpilot for financial advisors and set up your account today.

Let’s talk about what partnering with Healthpilot can do for your business. Email our Healthpilot Partner Success Team at [email protected].


[1] Edward Jones, The Four Pillars of the New Retirement, Jan., 2021.
https://www.edwardjones.com/sites/default/files/acquiadam/2021-01/Edward-Jones-4-Pillars-US-report.pdf

[2] USA TODAY, The average retiree spends 30% of their Social Security income on health care. Feb., 2022. https://www.usatoday.com/story/money/personalfinance/retirement/2022/02/06/health-care-eats-up-30-percent-of-social-security-income/49763823/

[3] Kaiser Family Foundation, Medicare Advantage in 2021: Enrollment Update and Key Trends, June, 2021.
https://www.kff.org/medicare/issue-brief/medicare-advantage-in-2021-enrollment-update-and-key-trends/

[4] American Association for Medicare Supplement Insurance, Medicare Supplement Insurance Statistics Data 2019, 2019, https://medicaresupp.org/wp-content/uploads/2019/06/2019-Medicare-Supplement-Data-Page-1.pdf

[5] Kaiser Family Foundation, Medicare Advantage in 2021: Enrollment Update and Key Trends, June, 2021.
https://www.kff.org/medicare/issue-brief/medicare-advantage-in-2021-enrollment-update-and-key-trends/

[6] Kaiser Family Foundation, A Snapshot of Sources of Coverage Among Medicare Beneficiaries in 2018, March, 2018, https://www.kff.org/medicare/issue-brief/a-snapshot-of-sources-of-coverage-among-medicare-beneficiaries-in-2018/

[7] Kaiser Family Foundation, 7 in 10 Medicare Beneficiaries Report That They Did Not Compare Their Coverage Options During a Recent Open Enrollment Period, Oct., 2021.
https://www.kff.org/medicare/issue-brief/seven-in-ten-medicare-beneficiaries-did-not-compare-plans-during-past-open-enrollment-period/

[8] Kaiser Family Foundation, 7 in 10 Medicare Beneficiaries Report That They Did Not Compare Their Coverage Options During a Recent Open Enrollment Period, October., 2021.
https://www.kff.org/medicare/issue-brief/seven-in-ten-medicare-beneficiaries-did-not-compare-plans-during-past-open-enrollment-period/ 

[9] Kaiser Family Foundation, To Switch of Not to Switch: Are Medicare Beneficiaries Switching Drug Plans To Save Money?, Oct., 2013.
https://www.kff.org/medicare/issue-brief/to-switch-or-not-to-switch-are-medicare-beneficiaries-switching-drug-plans-to-save-money/

advisor with client

Financial advisors: Do you have a Medicare “blind spot”?

Medicare is a costly blind spot for many financial advisors. Here’s how to turn it into an opportunity to grow your business.

Financial advisors who wouldn’t hesitate to start a conversation about planning for college tuition may never even think to ask their Medicare-eligible clients about planning for healthcare. That’s a problem. Research shows healthcare costs are the number one financial concern among retirees1. Clients are looking for your guidance. If you aren’t talking to them about their number one financial concern, someone else will.

Americans spend hundreds of billions of dollars on Medicare plans every year2. Talking to your clients about Medicare is a great opportunity to grow your business, and Healthpilot is a new tool that helps you make the most of it. With a simple online referral, you can put your clients at ease and potentially save them hundreds or even thousands on healthcare.

Start with their financial goals. 

As with other aspects of financial planning, it all starts with your client’s goals. Just as new parents want to save for college, seniors may want to retire, leave an inheritance, travel, or simply get the best care as they age.

A discussion of your client’s goals is a good time to bring up Medicare. Let your clients know that achieving their goals requires successfully managing their healthcare costs by finding the right Medicare plan. With Healthpilot, you have the Medicare solution they need to save money, protect their assets and progress toward their goals.

How do they like their current insurance?

Ask how they like their current healthcare coverage. How much do they pay out of pocket for things like premiums, co-pays, and deductibles?  Make it clear that you are not asking about their medical history. You’re simply gathering facts to better understand their annual Medicare costs, as you would with any other expense.

It’s all right if they don’t know details like their maximum out-of-pocket cost. You’re simply introducing Medicare coverage as a topic to include in your conversations. As you continue to discuss it throughout your relationship, you’ll increase their confidence in your ability to help them manage Medicare costs.

The easy way to find the right Medicare plan.

Medicare plans like Medicare Supplement Insurance (Medigap), Medicare Advantage Plans and Part D Prescription Drug Plans can help your clients with costs Original Medicare won’t pay. Consumers have an average of 33 Medicare Advantage plans and 30 Medicare Part D prescription drug plans to choose from3. But once you partner with Healthpilot, all you have to do is refer your clients to us. We’ll find the right plan for your client’s healthcare needs and help you with retention by keeping them in the right plan for life

When should you talk to your clients about Medicare?

  1. Every time you talk to your Medicare-eligible clients.
    Whenever you meet with a Medicare-eligible client, make it a point to discuss their Medicare coverage. Let them know they can find the right Medicare plan online with Healthpilot, even before they are eligible to enroll. It’s free, easy to use and if they have any questions, they can get live help from one of our co-pilots.
  2. When your clients are turning 65.
    Reach out to all clients who are 64 or recently turned 65. They are, or soon will be, eligible to enroll in Medicare for the first time. The Initial Enrollment Period (IEP) lasts seven months: three months before they turn 65 + their birthday month + three months after. This could be a once-in-a-lifetime chance to start their Medicare journey right. Don’t let them miss it.
  3. Every summer, remind all your Medicare-eligible clients about AEP.
    The Medicare Annual Enrollment Period (AEP) runs from October 15 to December 7. This is when Medicare members have the greatest opportunity to review their current coverage and enroll in the best plan for their needs. Refer them to Healthpilot every year during Medicare Annual Enrollment.

It’s easy to get started with Healthpilot.

Talking about Medicare creates a recurring, high-value client touch point for you while Healthpilot does the work of finding the right Medicare plan for your clients. All you have to do is keep bringing Medicare into your conversations and making the referrals to Healthpilot. We do the rest.

Learn more about Healthpilot for financial advisors and set up your Healthpilot account today!

Let’s talk about what partnering with Healthpilot can do for your business. Email our Healthpilot Partner Success Team at [email protected].

 


 

[1] Edward Jones, The Four Pillars of the New Retirement, Jan, 2021.
https://www.edwardjones.com/sites/default/files/acquiadam/2021-01/Edward-Jones-4-Pillars-US-report.pdf

[2]Kaiser Family Foundation, Medicare Advantage in 2021: Enrollment Update and Key Trends, Jun, 2021.
https://www.kff.org/medicare/issue-brief/medicare-advantage-in-2021-enrollment-update-and-key-trends/

[3] Kaiser Family Foundation, 7 in 10 Medicare Beneficiaries Report That They Did Not Compare Their Coverage Options During a Recent Open Enrollment Period, October 2021.
https://www.kff.org/medicare/issue-brief/seven-in-ten-medicare-beneficiaries-did-not-compare-plans-during-past-open-enrollment-period/