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Re: Where To Get The Best Financial Advice?

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@GailL1 wrote:

@mickstuder wrote:

Thanks for everyones responses - would these same people necessarily be qualified to give advice on all the different parts of Medicare?

 

I see some mention it on their Websites - some do not................that would be a Big Tie Breaker for me if I could get that advice as well as the Financial all in once place

 

Thanks

 

 

 

 


A fee-based fidicuary would be the best - that way you either pay them a set fee, might be based on a per hour basis or a % of your portfolio -  

Investopedia - Fee-Based vs Commission: Which Advisor Is Better?

 

They may also advise you on certain types of insurance,  but this type of insurance would be based on insuring you as an asset, i.e,  life insurance to cover what your demise might cost your family and needs to be replaced or liability insurance covering what is at risk - your assets.  Disability Insurance coverage might also be something they handle, I think (coverage for short-term or long term disability) again replacing what you are bringing in to the family - if you are retired, the point is mute.  Those are all based on your finances - not your health.  These insurance-type needs are number (financial)  oriented thus the advisor can come up with the amount of coverage you might need but they most likely would not write the policy but would have somebody else do it and they would receive a fee.

 

Health insurance, no matter the type, is to cover your health - I fail to see how they would advise you on the type of Medicare plan you might need or want.  It is pretty cut and dried except for the guess of what your health will be in the future. I think only God could take away this guess work.

 

Medicare plans (premiums) are really

  • pay more now, to pay less later ( traditional medicare + a Medigap plan)

                                                    OR

  • pay less now to pay more later ( Medicare Advantage - with their low/ no premiums, copays, deductibles, other out of pocket plus making sure that any provider you want to use is in-network). 

Medicare covered items should be the same on both but covered in different ways.

Everybody pays a Part B deductible.

Everybody has to have a Part D but that is based on which meds you take or to avoid the penalty for not having one and what plans are available in your area.   Many Medicare PDP are offered within Medicare Advantage plans.(MAPD) or if you go the traditional Medicare route, with or without a Medigap, a beneficiary has to pick a fee standing PDP.

.

These things are a personal choice based on health - you can change your MA plan and your Part D plan during annual open enrollment every year.  It is somewhat harder to change a Medigap option with traditional Medicare but could be done in certain circumstances.

 

Honestly, mickstuder, I don't really see how a Fiduciary would be of benefit with your Medicare choices  - a Medicare insurance agent or broker who handle many different insurers can help you and they charge you nothing; they are paid a commission by the plan and the insurer which you pick - it is still your decision about how you want to get your Medicare benefit.

Why pay a fiduciary to do this ?  Can't see it. 

 

I wonder why they are even handling Medicare plans; seems odd.

 


It might be Cut & Dried for someone with Experience with Medicare - but I talk to Dozens of Seniors who have Absolutely No Idea Why They Are On the Medicare Plan They Are On & What Benefits They Get Until They Go to Use Them

 

Most of the People I've talked to - Chose a Plan because the Lady at the Bridge Club seemed to know what she was talking about or their Brother was on it

 

For Example in just this one Post - you referenced all the Following which might as well be written in LATIN or Maltese to me

 

Medicare Insurance Agent - What's That?

 

traditional medicare

 

Medigap plan

 

Part B deductible.

 

Medicare Advantage

 

Medicare PDP

 

MA plan

 

Part D

 

Medigap option

 

(MAPD)

 

PDP

 

Insurance Plans - Whether they be for Health Care - Life Insurance - Car Insurance - Home Insurance - Etc

 

Are Purposefully Written to Confuse and Intimidate - typical Americans have No Idea what they are covered for and what is not covered until it's too late - just ask the victims of Fires - Floods - Mudslides - Natural Gas Explosions - etc etc

 

We can't all be That Stupid - All Insurance is Willfull Confusion by design

 

Try Calling the Medicare Helpline Sometime - you might as well be talking to your Cat

 

The Beginning Assumption is you already understand all the Plans the Acronyms & you have a specific question that if you already understood all the other Baloney you could probably figure out for yourself from the information published online

 

I've tried a Dozen times to try and figure out the Pros & Cons of each program and the associated costs or savings and IT'S IMPOSSIBLE

 

I'm willing to pay someone to look at my Medical History & The Drugs I take and help me make a informed decision on what to expect when the inevitable happens and my Body & Mind starts malfunctioning

 

I'm also a Veteran so I alos have to be able to understand how my Veterans Health Benefits overlap or supplement the Medicare Stuff or not - my Father in Law is on some kind of Part Something Medicare so he can go to a Local Dr but his Rx's come from the VA - so everytime his Primary Care from BC/BS prescribes a Rx he has to go to the VA Dr to try & convince him to write the script - it's a nightmare

 

My parents had a next door neighbor in Florida who talked them into going on the Plan they were on with the Promise - you go on this United Healthcare Plan and you pay one low monthly fee and it covers your Medicare Monthly Payment and all your Drugs are Free Blah Balh Blah

 

All true until One Single Thing Changed in their Health & then the Exorbitant Out of Pocket Bills started arriving & then it was too late

 

I want to know in advance what to expect - what things trigger something different in the Coverage or higher premiums - out of pocket expenses or No Coverage

 

Medical Expenses are the Single Biggest Worry I have for both my Wife and Myself

 

The Internet & News Media is Full of Thousands of Examples of Financial Ruin because People had No Idea what their Plan did and did not Cover once something Changed in their Health Portfolio

 

I'm not trying to be critical of your response - I truly appreciate all the information & effort

 

But like I said some Financial Advisors PUSH the Medicare Advice portion on their Websites and I'm just trying to figure out if it's meaningful

 

THANK YOU AGAIN

 

Examples

 

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  • What is an appropriate withdrawal rate for me? And when should I begin taking Social Security payments?
  • Health Insurance? Medicare Parts B and D?
  • Withdrawals from the Roth IRA first, or the Traditional IRA?
  • Withdraw from the tax-deferred accounts first, or taxable accounts?
  • How do Required Minimum Distributions affect me, and how are they calculated? What are the tax penalties of making a mistake?
  • Long term care insurance? How much coverage?

Resolute Financial works with you to set your plan. Even more importantly, we meet with you to keep your plan updated, and keep your investments producing the income you need. We have expertise in key areas such as creating a steady stream of monthly income, and balancing risk as the investment climate changes.

 

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( " China if You're Listening - Get Trumps Tax Returns " )

" )
" - Anonymous

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Re: Where To Get The Best Financial Advice?

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Message 2 of 8

@mickstuder wrote:

Thanks for everyones responses - would these same people necessarily be qualified to give advice on all the different parts of Medicare?

 

I see some mention it on their Websites - some do not................that would be a Big Tie Breaker for me if I could get that advice as well as the Financial all in once place

 

Thanks

 

 

 

 


A fee-based fidicuary would be the best - that way you either pay them a set fee, might be based on a per hour basis or a % of your portfolio -  

Investopedia - Fee-Based vs Commission: Which Advisor Is Better?

 

They may also advise you on certain types of insurance,  but this type of insurance would be based on insuring you as an asset, i.e,  life insurance to cover what your demise might cost your family and needs to be replaced or liability insurance covering what is at risk - your assets.  Disability Insurance coverage might also be something they handle, I think (coverage for short-term or long term disability) again replacing what you are bringing in to the family - if you are retired, the point is mute.  Those are all based on your finances - not your health.  These insurance-type needs are number (financial)  oriented thus the advisor can come up with the amount of coverage you might need but they most likely would not write the policy but would have somebody else do it and they would receive a fee.

 

Health insurance, no matter the type, is to cover your health - I fail to see how they would advise you on the type of Medicare plan you might need or want.  It is pretty cut and dried except for the guess of what your health will be in the future. I think only God could take away this guess work.

 

Medicare plans (premiums) are really

  • pay more now, to pay less later ( traditional medicare + a Medigap plan)

                                                    OR

  • pay less now to pay more later ( Medicare Advantage - with their low/ no premiums, copays, deductibles, other out of pocket plus making sure that any provider you want to use is in-network). 

Medicare covered items should be the same on both but covered in different ways.

Everybody pays a Part B deductible.

Everybody has to have a Part D but that is based on which meds you take or to avoid the penalty for not having one and what plans are available in your area.   Many Medicare PDP are offered within Medicare Advantage plans.(MAPD) or if you go the traditional Medicare route, with or without a Medigap, a beneficiary has to pick a fee standing PDP.

.

These things are a personal choice based on health - you can change your MA plan and your Part D plan during annual open enrollment every year.  It is somewhat harder to change a Medigap option with traditional Medicare but could be done in certain circumstances.

 

Honestly, mickstuder, I don't really see how a Fiduciary would be of benefit with your Medicare choices  - a Medicare insurance agent or broker who handle many different insurers can help you and they charge you nothing; they are paid a commission by the plan and the insurer which you pick - it is still your decision about how you want to get your Medicare benefit.

Why pay a fiduciary to do this ?  Can't see it. 

 

I wonder why they are even handling Medicare plans; seems odd.

 

* * * * * * It’s Always Something - Roseanne Rosannadanna
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Re: Where To Get The Best Financial Advice?

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Message 3 of 8

Thanks for everyones responses - would these same people necessarily be qualified to give advice on all the different parts of Medicare?

 

I see some mention it on their Websites - some do not................that would be a Big Tie Breaker for me if I could get that advice as well as the Financial all in once place

 

Thanks

 

 

 

 

( " China if You're Listening - Get Trumps Tax Returns " )

" )
" - Anonymous

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Re: Where To Get The Best Financial Advice?

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Message 4 of 8

Gail has good stuff too. I love Clark Howard. Not that I listen to/watch him much but I did enough so over the years to think "now here is a good, honest guy with realistic advice". Not shrill, berating, etc. Just good talkin'

 

 

 


@GailL1 wrote:Lots of info from Clark Howard.com

 

Need A Fiduciary to manage your money

Know the right questions to ask of a fee-only financial advisor

 

 

 


 

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Re: Where To Get The Best Financial Advice?

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Message 5 of 8

A few good Articles -

USNews 03/21/2018 - What Is a Fiduciary Financial Advisor?

 

Finding one - check out the CONSUMER drop down box for other info -

National Assoc. of Personal Financial Advisors

 

You can ask if they are Fiduciary Certified with the CFP ( Certified Financial Planners) and look at their credentials.

 

Lots of info from Clark Howard.com

Need A Fiduciary to manage your money

Know the right questions to ask of a fee-only financial advisor

 

Agree with Fred on bogleheads - love it and fun too.

 

* * * * * * It’s Always Something - Roseanne Rosannadanna
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Re: Where To Get The Best Financial Advice?

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Message 6 of 8

totally agree with "fee-only Certified Financial Planner"

Also, there are many many "personal finance" forums on the internet. One or more might be worth some of your time in order to get some understanding of needs, concepts, etc. One I recommend is www.bogleheads,org ...originally for followers of Vanguard founder John Bogle, but now it's pretty open and covers many categories and topics. 

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Re: Where To Get The Best Financial Advice?

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Certified Financial Planner. You can 'google' that to see what the qualifications are and what makes them truly 'certified'.

 

But what you're looking for specifically in a planner is 'Fee Only'.  Go to the NAPFA website to get some names.

 

I can't vouch for anyone. I've been investing on my own for 40+ years and never paid for advice.


"...Why is everyone a victim? Take personal responsibility for your life..."
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Where To Get The Best Financial Advice?

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Message 8 of 8

Are there Individuals you can hire to just give you Financial Advice & not try to sell you Investments?

 

I've been putting off researching critical financial decisions because I don't want to be bombarded with attempts from Financial Professionals to sell me stuff

 

If I need Legal Advice - I go to a Attorney - they tell me their Hourly or Project Rates and thats what
I pay

 

There is no other Hook - The Lawyer Doesn't Try to sell me Real Estate - Stocks & Bonds - Investment Schemes - Insurance - etc.

 

If these people exist - what are they called and where is a good place to start looking for them?

 

thanks

 

 

 

 

 

( " China if You're Listening - Get Trumps Tax Returns " )

" )
" - Anonymous

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