Choosing Medicare is one of the most high-stakes decisions in retirement.How advisors can make sure clients get it right

By Lori Konish


  • As 10,000 baby boomers turn 65 every day, they become eligible for Medicare.
  • One of the biggest questions clients face: Should I switch to Medicare or stay on my private insurance plan?
  • As financial advisors help them identify the best choices for them, they might want to loop in third-parties who specialize in Medicare planning.

For most people, signing up for Medicare is a retirement rite of passage.

But as they turn 65 and sort through their Medicare Part A, B, C, and D choices, many individuals can also be vulnerable to costly mistakes.

Even done the right way, it’s a high-stakes choice. Medicare beneficiaries will need as much as $400,000 for health expenses per couple, according to 2018 research from the Employee Benefit Research Institute. That is up from $370,000 in 2017.

“People do feel overwhelmed and baffled by Medicare,” said Katy Votava, president of “But there are some basic things that an advisor can do.”

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