Friday, November 16th, 2018
Counseling Seniors about Medicare: Uninformed Choices have Lasting Costs
Many seniors believe at age 65 Medicare is the ticket to free health care; it is not free. Medicare requires program plan decisions; and ill-informed choices can be costly, including monetary penalties. AARP reminds seniors that a couple will spend up to $220,000 on out-of-pocket health care expenses from age 65-85; the latter fact escapes many seniors. The presentation will focus on key elements of Medicare that require knowledgeable choices and the role financial counselors can play in guiding seniors in this important personal finance dimension.
Questions or Implications for Researchers: 1) Do personal finance counselors (AFC®) understand the complexities of Medicare? 2) Do personal finance counselors understand the distinctions of Medicaid? 3) Do personal finance counselors know how to direct clients to knowledge-based resources? 4) Health care needs and costs rise in a graduated manner with age; how do counselors factor this variable into budget planning? 5) How do seniors' access and assess information on health care costs? 6) How do personal finance counselors stay current on the costs associated with health care, especially for seniors?
*CFP Pre-Approved Session - 1 CEU