Health Care

Overview

The Health Care tab enables clients who are approaching the Medicare age of 65 to understand and make key decisions about their Medicare choices.

Access the Health Care screen by selecting the intended client and navigating to Retirement > Healthcare.

There are three sub-tabs on the Health Care screen: "Cost Analysis", "Medicare Options", and "Preferences".

Cost Analysis

The Cost Analysis tab will display summaries of healthcare costs across the plan:

The first section under this tab is the Retirement Health Care Summary. This section will display the healthcare costs of each client split across different time horizons. Those being pre-65, age 65 to 80, and age 80+. Total healthcare cost will also be displayed on the right-hand side of the graph(s).

The second section is the Retirement Health Care Cost. This section will display health care expenses broken out by

Pre-Medicare
Medicare Premium
Out of pocket
Additional healthcare expenses

Switch between plans

To switch between plans on the Cost Analysis page, you can select the dropdown in the top right of the page.

Action Items

At the bottom of the Cost Analysis page is the Action Items. Here, different options can be adjusted to adjust the medicare strategy:

This section has options for medicare choice, including cost estimates for pre-Medicare, Medicare Part B & D, and out-of-pocket costs. If the plan is set to a national average or customized amount option under Profile > Goals > Retirement Healthcare, then an additional option will be available for adjusting the Cost approach.

For more information on medicare options, please consult this article:

Retirement Health Care Costs

Medicare Options

Medicare Options provides a range of data points and helpful tips to make the Medicare sign-up process easier for clients. Each of these can be viewed by clicking the graph title.

Medicare option summary

This section will display the client's Medicare considerations (set up under preferences) and the currently selected Medicare coverage for each client. The current healthcare cost will also be displayed on the right.

Switch between clients

To switch between info for each client, use the dropdown in the upper right of the Medicare Options page.

Medicare option consideration comparison

This section will display the client's selected medicare preferences against the 3 selectable medicare types:

Original Medicare
Original Medicare + Medigap
Medicare Advantage w/ prescription drugs

Medicare option coverage comparison

Here, you will see coverage comparisons between the same 3 medicare types:

Medicare cost comparison

The cost comparison section will display the annual healthcare cost between the same 3 medicare types:

Medicare enrollment period

This section will reflect the actions each client should take to get properly enrolled in their selected Medicare plan:

Medicare tips

The Tips section reflects some additional details about Medicare coverage and enrollment that may be helpful to ensure that your client pays proper attention to making their Medicare choices:

Preferences

To begin understanding what Medicare path is best for the client, five key questions are presented, which surround their location (or travel) plans, health considerations, and financial risk tolerance, along with enrollment questions for Social Security and group plan coverage.

Example

If under Location consideration your client's response is that they are a traveler/snowbird and need to see doctors in different locations, you will see the blue checkmark when selecting "Original Medicare, A, B, and D" or "Original Medicare A, B, and D plus Medigap", but a red 'X' when selecting "Medicare Advantage with Prescription Drugs", since with Medicare Advantage plans clients are more closely tied to their local in-network doctor.