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September 30, 2012 at 08:00 PM
With changes to our health-care system being made in Washington, our clients’ need to understand how to navigate the system is becoming increasingly important. According to the U.S. Census Bureau, the number of Americans 62 and older grew an astounding 21.1 percent between 2000 and 2010, while the entire population only climbed 9.7 percent. This demographic has quickly become the fastest growing age group, accounting for more than 16 percent of the population.
What does this mean for our senior clients when it comes to health-care costs? With the Obamacare agenda becoming such an all-consuming conversation, the effects are looking less than ideal for most considering retirement in the near future. Medicare changes will have a profound effect on retirement comfort zones and peace of mind for many of our clients.
The issues surrounding Medicare are far from settled, as the Obamacare plan is calling for $500 billion of reductions to doctors, hospitals, diagnostic facilities and other medical centers. To make these numbers work in Washington, sharp cuts will inevitably be made as the largest growing generation begins to need more access to health care. The reduction in resources and increase in demand will undoubtedly cause some glitches and may have an effect on your clients’ retirement savings if they plan on relying heavily on Medicare funding.
It is becoming even more important for advisors to keep current with what is going to change in the near future. We must be able to advise our clients on Medicare supplement policies and counsel them for potential retirement living adjustments.
