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Medicare Consulting

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Medicare Consulting 

Providing Medicare consulting for clients involves a detailed understanding of their unique needs, lifestyle, health status, and financial situation. Here’s a structured approach to offer personalized consulting services:

Advanced Planning

  • Long-Term Care: Discuss options for long-term care, which is not covered by Medicare, including long-term care insurance policies.
  • Estate Planning: Coordinate with their estate planner to understand how healthcare costs can impact their estate and vice versa.
  • Tax Planning: Offer guidance on how Medicare premiums could affect their taxes and strategies to minimize IRMAA charges.

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Educating on Medicare Options

  • Medicare Parts A and B: Explain the basics, including what is covered and not covered, and the importance of timing for enrollment to avoid penalties.
  •  Medicare Advantage (Part C): Discuss if an Advantage plan suits their lifestyle, especially if they travel frequently or prefer certain healthcare providers.
  • Medicare Part D: For prescription drug coverage, evaluate their current and anticipated medication needs.
  • Medigap: Supplemental policies that can cover additional costs not covered by traditional Medicare, which might be appealing for those seeking comprehensive healthcare coverage.

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Initial Assessment

  • Activity & Lifestyle: Understand their current lifestyle, including travel habits, hobbies, and activity level. Wealthy clients might have a more active lifestyle, involving frequent international travel, which could affect their Medicare choices.
  • Health Status: Assess their current health conditions and medical history. Wealthy clients might prefer access to specialists, cutting-edge treatments, or alternative medicine, impacting their Medicare plan choices.
  • Financial Situation: Though Medicare is not means-tested, understanding the client’s financial situation can help in planning for Medicare Part B and D premiums, which can be higher for high-income individuals due to the Income-Related Monthly Adjustment Amount (IRMAA).

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here's a look at each phase of our process

 Additional Services

  • Access to a network of healthcare providers known for their expertise in dealing with complex health issues.
  • Concierge services that can help with scheduling appointments, handling billing issues, or navigating healthcare while traveling.

By taking a comprehensive and personalized approach, you can ensure that your wealthy clients receive the best possible Medicare consulting that aligns with their specific needs and preferences.


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Ongoing Support and Re-evaluation

  • Offer ongoing support to adjust their Medicare coverage as their needs, health status, or financial situation changes.
  • Provide annual reviews to ensure their current plan remains the best fit, especially during the Medicare open enrollment period.

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Customized Recommendations

Based on the assessment, offer tailored recommendations that align with their lifestyle, health needs, and financial capabilities. This might involve choosing between Original Medicare with a Medigap policy vs. a Medicare Advantage plan, and selecting the most suitable Part D plan.

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Services referenced here are offered by third party providers and are not related to securities or advisory services. Individuals/Companies listed are not affiliated with Cambridge.