By: The Simon Quick Financial Planning Committee
Simon Quick is excited to announce that we have formed two new platforms to help our clients with their healthcare planning needs. One of these is designed to help seniors navigate the maze of Medicare planning while the other is designed to help clients of any age with more general healthcare planning.
Chapter Assists with Medicare Planning
Chapter is a non-government, technology-driven Medicare advisor that helps clients find Medicare savings and identify comprehensive Medicare benefits. Their licensed Medicare experts provide personalized, end-to-end guidance to seniors who are navigating the Medicare landscape. And the Chapter platform helps seniors decide when and how to sign up for Medicare and whether they can improve existing coverage to get better benefits for less money.
Specifically, Chapter helps seniors make the three most important Medicare decisions: 1. When to enroll, 2. How to get the most value from Medicare, and 3. How to keep Medicare working for them.
Understanding Medicare and making the right decisions can be complex, even for highly educated and financially savvy seniors. As a result, many seniors overpay for healthcare in retirement. “Without expert guidance and advanced technology, it’s nearly impossible to properly plan for these expenses because the Medicare system is so unnecessarily confusing,” said the co-founder and CEO of Chapter, Cobi Blumenfeld-Gantz.
For example, Medicare consists of at least four different parts. Part A covers hospitalization and some home healthcare while Part B covers outpatient care and durable medical equipment. Both of these are part of what’s known as original Medicare, which is guaranteed by the federal government.
Medicare Part C, also known as a Medicare Advantage Plan, is offered by Medicare-approved private companies that provide additional coverage for dental, vision and hearing. Medicare Part D provides prescription drug coverage for seniors. And Medicare Supplemental Insurance, or Medigap for short, that fills in the gaps left by other Medicare options.
A Health Planning Analysis from Caribou
Our other engagement with Caribou gives us access to healthcare planning software for clients who are not yet Medicare eligible, including "pre-65" or "early" retirees, business owners, and children aging off a parent's insurance policy. Many other life events, such as divorce, having a baby, or moving, can also be supported by Caribou. Big milestones, such as retirement, often come with a myriad of options related to your health insurance. With Caribou, you can compare retiree benefits, to spouses plans, to COBRA, to the Marketplace to find the optimal plan for you. Caribou is a non-commissioned healthcare planning service that works exclusively with financial advisors and their clients to help plan for current and future healthcare costs, thereby creating a holistic and accurate financial plan. Caribou's healthcare planning software, HealthPlanner, creates a custom HealthPlanning Analysis that provides a personalized summary of your best-fit health insurance options. It considers factors like your health needs, income, and risk tolerance in matching plan options to your needs. Outside of matching health plan options, it also provides other cost savings strategies in the areas of tax savings (e.g. medical tax deductions, premium tax credits, and Health Savings Accounts) and drug costs (e.g. mail order pharmacy, generic drugs), for example. Caribou's team of HealthPlanning Coordinators will walk you through the results of your analysis, ensure all your questions, and that you have clear next steps on how to enroll.
To Learn More
Please contact your advisor to learn more about our healthcare planning services. If you not a client of Simon Quick, call us at (973) 525-1000 or send an email to firstname.lastname@example.org to see if we could be the right fit for your needs.
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