Retirees may be in for a surprise when they discover that Medicare will only pay for 51% of their health care expense instead of the 68% they guessed on a recent survey.
Over half of retirees say their biggest worry about retirement is having enough to pay for health care, yet it is a worry they rarely talk about with their financial advisors. Developing a strategic health care back-up plan for your clients might be an excellent way to position your business for its next phase of strong growth.
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Getting up to speed on Medicare reforms can be to your advantage, especially in light of the possible 30% cut to doctors’ reimbursements unless Congress extends current laws. It’s yet another aspect of retirement planning that you can help your clients manage.
The first Baby Boomers turned 65 January 1 of 2011. Another 10,000 Boomers will reach that minimum Medicare benefits age every day for the next 20 years
. That means there’s already a significant Medicare and health care market that you could be developing. Educating yourself
now, before the legislation happens late this year or early next will position you well either way the legislation goes.