PUBLISHED By CNBC TUE, NOV 26, 2019
By Lori Konish
KEY POINTS
- 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 Goodcare.com. “But there are some basic things that an advisor can do.”