Client Profile: The Retiree
Alice & Bob both turned 64 in the last year and did not have retirement medical plans from their prior employers. During a recent review meeting with them, they had three questions on their mind about their Medicare benefit elections:
- “When should we be electing our Medicare benefit?”
- “What should we be considering when electing our Medicare benefit at age sixty-five?
- “What supplement medical plans best complement our future Medicare election?”
Circumstances and Resolution:
In order to address the Medicare inquiries and provide clarity for Alice & Bob, we arranged for a series of meetings with a Medicare supplemental plan specialist we work with frequently.
Through our work together, we were able to help Alice & Bob:
- Coordinate their Medicare election process so they didn’t miss any election deadlines;
- Determine the medical services their household would specifically need into the future;
- Create a custom Medicare plus supplemental plan that best suited their current and future medical needs;
- Understand the on-going need to review their supplemental plan as their medical needs adjust over time.
Once their elections were made and their supplemental plans were decided and purchased*, Alice & Bob need to make sure their chosen supplemental plans continue to be the best ones for them since Alice & Bob’s health and plan features/coverage may change over time. As part of our ongoing service commitment, we ensure Alice & Bob periodically review their Medicare plus supplemental plans and that they perform an annual inventory of the medical services they continue to need. Typically we encourage and coordinate an annual review with the Medicare plus supplement plan specialist to review current coverage’s to ensure it is still best suited for their current situation.
Alice and Bob’s questions are quite commonplace for soon to be retired and retired clients facing the Medicare planning dilemma. Making Medicare elections can be a confusing process. It can be costly if mistakes are made, deadlines are missed or the wrong supplemental plan is chosen. Some elections are irreversible so you want to ensure you get it right the first time. We advise any client(s) approaching the age of 65 to begin consulting with a Medicare plus supplemental plan specialist in order to gather all the pertinent details required to make an informed decision. Then, we believe it is important to establish a periodic review schedule to ensure it remains up to date and best suited to you.
At Concentus, we have had numerous clients go through the Medicare election process with our guidance to help make the process a little easier. And, even if you already made elections, it’s not too late! You can still review your current situation to see if any changes can or should be made.
For more information you can visit the Medicare website: https://www.medicare.gov/
* – Concentus Wealth Advisors does not sell Medicare supplemental plans or receive any referral fees if a plan is purchased.