Financial advisors who want to tap into the retiree market can differentiate their services by offering clients and prospects an annual Medicare review.
This service should be scheduled before the start of the Open Enrollment Period for 2014 coverage, which runs from Oct. 15 through Dec. 7, 2013.
It should offer retirees professional guidance on choosing cost-effective options for basic Medicare, Medicare Advantage, Part D prescription drug coverage and Medicare supplemental insurance ("Medigap").
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One useful tool that you can use to facilitate this review is a new Medicare Power Planning tool from Weiss Ratings.
The online tool, which can be purchased for $99, shows how Medicare options fit together for comprehensive coverage, and it also offers Weiss' Financial Strength Ratings for all insurance companies offering Medicare options.
By entering the client's Zip code, it outputs the highest and lowest current costs for Medicare Advantage (with and without prescription drug coverage) and each level of Medigap plans currently available in the client's area.
Since this information can be useful for helping pre-retirees plan ahead and budget retirements costs, you can evaluate the same data for clients under the Medicare eligibility age (65) by leaving the default age at 65.
For more information on the tool and an online tour, see: http://medicare.weissratings.com/save-on-medicare.
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