Four steps financial advisers can take to help clients with health and wealth planning

According to the Milliman Medical Index, healthcare costs for a hypothetical American family of four with an average employer-sponsored preferred provider organization grew at 10% a year in the early 2000s and, more recently, at 3.8% from 2018 to 2019. Medical expenses make up a significant portion of retirement living, and the costs of long-term care are rising. As a result, people are looking for ways to protect their long-term health and wealth. They expect their financial advisers to create more comprehensive plans that will help them in this quest.

How can financial advisers provide clients with better financial planning solutions and stand out from the competition? Here are four foundational components that will enable financial organizations to better support financial advisers in providing more targeted retirement planning solutions:

  1. Data on healthcare costs
  2. Future cost projections
  3. Connections to different conditions
  4. Delivery through application programming interfaces

By using these resources to provide clients with better health and wealth planning, financial advisers can realize four key advantages:

  1. Better protection and insurance
  2. Better tax planning
  3. More sound financial advice
  4. Happier clients

To learn more about these four foundational components and these four key advantages, read this paper by Milliman consultants Joseph Boschert, Janet Jennings, and Robert Schmidt.

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