Alliance for Lifetime Income’s Post

The same changes + lawsuits that happened decades ago for retirement plans are now in process for health benefits. --- Ever since the Consolidate Appropriations Act (CAA) of 2021, I’ve been hearing about the potential for employers to be treated as fiduciaries for their health plans. CAA requires plan sponsors to demonstrate that their purchased health care services are cost effective, high quality, and meet mental health parity and pharmacy benefit requirements for their members. This means employers should have #fiduciary committees and be following the same fiduciary requirements as for retirement plans under #ERISA.    This can also be extended to the TPAs that are implementing the health plan. See the LinkedIn post from Chris Deacon in the comments about a recent lawsuit (and the stolen attached image with a short meme summary) for BCBSM’s breach of their fiduciary duty. ---   The full law is in the comments too (not fun—2126 pages). You can ctrl + F for “fiduciary” and get most of the pieces. How are #employers preparing? What are you doing with your #EmployeeBenefits?

The high cost of living is forcing U.S. workers to delay medical care and downgrade health insurance as they worry they will not be able to afford healthcare or be able to maintain their physical and financial health in retirement. A recent survey by the Nationwide Institute found that two-thirds of all U.S. adult respondents are “terrified” of the effect healthcare costs will have on their retirement plans and worry that a single large healthcare issue could ruin their finances for years to come. Even worse, workers greatly underestimated the average cost of health care in retirement. Respondents anticipated expenses at an average of $55,343. But Fidelity Investments has estimated actual health care costs in retirement to be $157,500 for an individual or $315,000 for a typical retired couple. Read "More Workers ‘Terrified’ They Cannot Afford Health Care in Retirement" https://bddy.me/3VPsheO Contact us and we’ll help you build a solid plan to secure your clients’ financial future: https://bddy.me/4eI9WsI #financialadvisors #retirementplanning #planprospecting

Turning 65 soon? 🎉 Let us help you navigate your Medicare options to find the perfect fit for YOU! 🛡️ Whether you're looking for a Medicare Advantage plan or supplement coverage, we’ve got the guidance you need. Get the right coverage for peace of mind in your retirement years. 💼 Your health matters, and we’re here to support you every step of the way. 🌟 #Turning65 #MedicareOptions #HealthCoverage #SeniorCare #RetirementPlanning #SeniorHealth #MedicareHelp

The largest generation our country has ever seen, the 𝗯𝗮𝗯𝘆 𝗯𝗼𝗼𝗺𝗲𝗿𝘀, is moving into retirement, but more and more individuals are choosing to push off their golden years. So when your clients turn 65, what direction will you point them when it comes to their 𝗠𝗲𝗱𝗶𝗰𝗮𝗿𝗲? 🤔 For those who continue working and want to keep contributing tax-deferred dollars to their health savings account (HSA), 𝗱𝗲𝗹𝗮𝘆𝗶𝗻𝗴 𝗲𝗻𝗿𝗼𝗹𝗹𝗺𝗲𝗻𝘁 𝘄𝗶𝗹𝗹 𝗯𝗲 𝗻𝗲𝗰𝗲𝘀𝘀𝗮𝗿𝘆. Those who are enrolled in Medicare are prohibited by the IRS from putting any more money towards an HSA. If you need help navigating the complicated world of Medicare so you can best service your clients and their healthcare needs in retirement, see my 𝗹𝗶𝗻𝗸 𝗶𝗻 𝗯𝗶𝗼 to speak with our team at Magellan Healthcare today! 👋 #medicare #HSA #retirementplanning

As you approach retirement, planning for healthcare costs is critical to maintaining your financial security and peace of mind. Here's why: 1. Healthcare costs are outpacing inflation, meaning a significant portion of your retirement income can be consumed by medical expenses. 2. Unexpected medical events can quickly deplete your savings if you're unprepared. While Medicare covers a significant portion of healthcare costs in retirement, it doesn't cover everything. Deductibles, co-pays, and additional expenses add up. Long-term care needs, like assisted living or nursing home care, also might not be covered by Medicare and can be expensive. By taking proactive steps toward planning for healthcare costs, you can build a secure and fulfilling retirement journey. Don't wait until it's too late. #Healthcare #Retirement #Planning #PersonalFinance #Finance #Inflation

The cost of health care in retirement depends on so many factors, but according to the Milliman Retiree Health Cost Index, a 65-year-old couple will need $395,000 in combined savings to afford the cost of certain Medicare plans in retirement. Why? Rising health care and prescription drug costs. Life expectancy. Lifestyle choices including where you choose to retire. Still thinking Florida? https://lnkd.in/guR2ieYi

People often think about financial planning as they prepare for aging but often overlook planning for their physical care. Have you thought about who will provide your care, how you'll pay for it, and where you'll live if you can't take care of yourself? According to the U.S. Department of Health and Human Services (HHS) data in 2020, someone who was then 65 had a 70% chance of needing long-term care in their remaining years. If those odds are a wake-up call, now is the perfect time to start planning. Call me today at (918) 608-1836 to schedule your complimentary consultation. I can help ensure you have an estate plan that protects you, your family, and your assets. #longtermplanning #retirement #care #aging #longtermcare #medicaid #nursinghome #assetprotection #estateplan #brokenarrowattorney #tulsaattorney #littletonlegal

When folks dream about retirement, I hear a lot about travel and family time. But there's one crucial aspect often overlooked: healthcare costs. Key points to consider: - Medicare isn't free: Expect premiums, deductibles, and co-pays. - Long-term care isn't covered by Medicare. - Prescription drug costs can be substantial. - Health costs increase with age. - Your health history matters in estimating future needs. Proverbs 27:12 reminds us, "The prudent see danger and take refuge, but the simple keep going and pay the penalty." So, what can you do? 1. Maximize HSA contributions if eligible 2. Explore products which help meet the demands of extended care costs 3. Prioritize your health - prevention is key! 4. Factor healthcare into your overall retirement savings Remember, planning for healthcare costs is good stewardship. It's about caring for the body God gave us and avoiding burdening our loved ones. Have you factored healthcare into your retirement planning? What strategies are you considering? I'd love to hear your thoughts! - See thrivent.com/social for important disclosure information. #RetirementPlanning #HealthcareCosts #FinancialWellness

Guess what the number one expense to keep in your budget is for retirees? Yup, it's healthcare. Despite 72% of pre-retirees believing that Medicare is free, it's NOT. Far from it. For healthcare costs alone, a person turning 65 today needs about $157,000 PER PERSON in retirement. This does NOT include long-term care costs (which Medicare does NOT cover). "Healthcare includes everything from insurance premiums and medications to potential out-of-pocket costs, all of which are essential for retirees." According to Morris, “… healthcare expenses are non-negotiable for many retirees, as maintaining good health is crucial for enjoying their golden years.” Plan, plan, plan! Max your Health Savings Accounts (and do NOT spend them out). Max your 401(k) employer match. And, then plan some more! If you do not have a financial advisor, message me with your state and whether or not you're OK with working with someone remotely. I work with a lot of incredible advisors through out the country. I'm happy to share their names with people. Read more: https://lnkd.in/ghN8Q8ra #retirementplanning #healthcarecosts #retirementcosts #healthcare #medicare #longtermcare Nathan Clakley Edward C. Smith, CFP®, MBA Charles Prudhomme Joseph Schwarz, CFA Stephen Dygos, CFP®, CPWA® Scott McLeod Scott Garrett Lisa Graszl, CFP®, CMFC® Andrew J. Silver, CFP® Anne Mank, CFP®, CPA, IHC Melissa Tiscareno, CFP® Courtney Irwin, CFP®, ChFC®, MBA

What would you do with $351,000 in your retirement? Believe it or not, most likely that’s how much you’ll need to cover the cost of health care during that time. But don’t let that number overwhelm you. Call me for help with planning for health care costs in retirement.