Healthcare & Medicare Planning
Medicare guidance and healthcare strategies for Buffalo Grove and Chicagoland retirees
Healthcare planning in retirement isn’t just about choosing a Medicare plan, it’s about protecting decades of savings from being wiped out by rising medical costs or long-term care expenses. When do you enroll in Medicare without facing penalties? Should you choose Medicare Advantage or a Medicare Supplement? How do you plan for potential long-term care needs without spending a fortune on insurance you may never use? What about the Medicare premium surcharges (IRMAA) that could cost you thousands extra each year?
At Wealth Financial Services & Tax Advisory, our Medicare planning helps pre-retirees and retirees throughout Buffalo Grove and Chicagoland navigate these critical healthcare decisions. With Medicare specialist Ethan Dickerson on our team, we guide you through plan selection, coordinate healthcare costs with your tax strategy, and build protection against long-term care risks. When healthcare planning works alongside your income, investments, taxes, and legacy planning as part of your Safe & Secure Retirement Roadmap™, you get comprehensive protection for both your health and your financial security.
Healthcare Costs Could Undermine Everything You've Saved
According to Fidelity, a couple retiring today at age 65 can expect to spend $315,000 or more on healthcare throughout retirement, and that’s just for Medicare premiums, supplemental insurance, and out-of-pocket costs. It doesn’t include long-term care, which could add hundreds of thousands more.
Yet when most people plan for retirement, they focus on investment returns and Social Security timing, assuming healthcare will “just work itself out.” Then Medicare’s enrollment window opens, and suddenly you’re facing dozens of plan options, confusing terminology, and high-pressure sales tactics. Make the wrong choice, and you could pay thousands more than necessary, or worse, face coverage gaps that leave you exposed.
The good news? With proper planning, you can navigate Medicare confidently, avoid costly mistakes, protect against long-term care risks, and coordinate your healthcare strategy with your taxes and overall financial plan.
What Makes Our Healthcare Planning Different
✓ We have a dedicated Medicare specialist on our team
Ethan Dickerson specializes in Medicare planning and helps you cut through the confusion to find the right coverage for your health needs and budget.
✓ We coordinate healthcare with your tax strategy
Medicare decisions affect your taxes (IRMAA surcharges), and your tax planning affects your Medicare premiums. We coordinate both so you’re not caught off guard.
✓ We plan for long-term care without pushing expensive insurance
We evaluate all your options like traditional LTC insurance, hybrid life insurance policies with LTC riders, or self-funding strategies and recommend what actually makes sense for your situation.
Protecting Your Health and Your Wealth
Healthcare planning at Wealth Financial Services & Tax Advisory goes beyond just picking a Medicare plan. We coordinate your healthcare decisions with your overall financial strategy to protect both your wellbeing and your savings. Here’s how we approach healthcare planning:
Medicare Planning & Optimization
Medicare has four parts (A, B, C, D), multiple plan options, enrollment deadlines, and penalties for missing them. The choices you make during your Initial Enrollment Period can affect your coverage and costs for years to come.
Our Medicare specialist, Ethan Dickerson, helps you understand your options without the sales pressure. We evaluate your health needs, budget, and preferences to recommend the right coverage. We also help you navigate Special Enrollment Periods if your circumstances change and assist with annual plan reviews during Medicare’s Open Enrollment each fall.
Managing Healthcare Costs & IRMAA Planning
Healthcare expenses don’t stop at insurance premiums. You’ll face deductibles, copays, prescription costs, dental, vision, and hearing expenses that Medicare doesn’t cover. We help you project realistic healthcare costs so you’re not caught off guard.
We also help you avoid IRMAA—Medicare’s Income-Related Monthly Adjustment Amount—which can add hundreds or even thousands to your Medicare premiums if your income exceeds certain thresholds. Because IRMAA is based on your modified adjusted gross income from two years prior, smart tax planning today affects your Medicare costs tomorrow.
Long-Term Care Strategies
About 70% of people turning 65 will need some form of long-term care in their lifetime. But traditional long-term care insurance is expensive, has use-it-or-lose-it premiums, and many insurers have left the market or raised rates dramatically.
We help you evaluate all your options. We also discuss Medicaid planning for asset protection and help you think through home care versus facility care preferences. The key is building a strategy that protects your assets while ensuring you get quality care if you need it.
Life Insurance & Healthcare Protection Review
Life insurance isn’t just for replacing income, it can also protect against healthcare costs and provide financial security for your spouse if something happens to you. We review your existing life insurance policies to ensure they still fit your needs. As you age, your insurance needs change. Do you still need the coverage you bought 20 years ago? Could those premium dollars be better used elsewhere?
We also explore life insurance policies with long-term care riders, which provide living benefits if you need care while also offering a death benefit for your beneficiaries. This dual-purpose approach often makes more sense than buying separate LTC insurance. We help you determine the right amount of coverage, coordinate with your legacy planning, and ensure your policies align with your overall financial strategy.
Helping You Discover Healthcare Confidence
Navigating healthcare decisions in retirement can feel overwhelming. Here’s how we guide you through the process:
Step One
Possibility Meeting: Understanding Your Healthcare Needs
We start by getting to know your health situation and concerns. This conversation gives you clarity on what’s ahead and what options are available.
Step Two
Vision Meeting: Your Personalized Healthcare Strategy
Here’s where we present your customized healthcare plan. You’ll see everything laid out clearly so you can make informed decisions.
Step Three
Implementation: Getting You Enrolled and Protected
We assist with Medicare enrollment, help you complete applications, coordinate with insurance carriers, and ensure you’re enrolled before deadlines to avoid penalties.
Step Four
Ongoing Partnership: Adapting as Your Health Needs Change
Your healthcare needs evolve, and so should your coverage. If your health situation changes or you’re approaching the age where long-term care becomes more relevant, we revisit those strategies.
Common Questions About Healthcare Planning & Medicare
When should I enroll in Medicare?
Your Initial Enrollment Period starts three months before you turn 65 and ends three months after your birthday month, a seven-month window total. If you’re still working with employer coverage, you may be able to delay enrollment without penalty, but the rules are complex and depend on company size. Missing your enrollment window without qualifying for an exception can result in permanent late-enrollment penalties on Part B and Part D. We help you understand your specific situation and enroll at the right time to avoid costly mistakes.
How much should I budget for healthcare in retirement?
Healthcare costs vary widely based on your coverage choices and health status, but Fidelity estimates a couple retiring at 65 will spend around $315,000 on healthcare throughout retirement. This includes Medicare premiums, supplemental insurance, out-of-pocket costs, dental, vision, and hearing—but NOT long-term care. We help you project realistic costs based on your specific situation and build these expenses into your overall retirement income plan so you’re prepared.
What happens if I miss my Medicare enrollment window?
Missing your Initial Enrollment Period without qualifying for a Special Enrollment Period means you’ll have to wait until General Enrollment (January 1 – March 31) to sign up, and your coverage won’t start until July. You’ll also face late enrollment penalties, Part B penalties are 10% per year for each 12-month period you were eligible but didn’t enroll, and these penalties last for as long as you have Medicare. Part D has similar penalties. These mistakes can cost thousands over your lifetime, which is why we help ensure you enroll on time.
Does Medicare cover long-term care?
No. This is one of the biggest misconceptions about Medicare. Medicare covers skilled nursing care for short periods (up to 100 days) after a hospital stay, but it does NOT cover custodial long-term care, the help with daily activities like bathing, dressing, and eating that most people need as they age. Whether at home or in a facility, long-term custodial care is either paid out-of-pocket, through long-term care insurance, or through Medicaid (if you qualify financially). This is why planning for long-term care is so important.
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Ready to Navigate Medicare with Confidence?
Medicare decisions happen on strict deadlines, and making the wrong choice can cost you thousands in unnecessary premiums or late-enrollment penalties. Let’s review your situation and create a healthcare strategy that protects both your health and your retirement savings.