Insights into the importance of healthcare planning and how financial advisory firms can get started today. Connect with us today at www.caribouwealth.com

1. Healthcare
The missing pillar:
Embrace healthcare in your holistic practice.
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2. Executive Summary
Healthcare planning represents an untapped opportunity for financial advisors to expand
their offerings and build deeper, higher value client relationships in today’s evolving market.
There are 4 key factors that make healthcare the biggest concern for many Americans. Holistic financial
advisors can proactively address these factors to provide needed client support, while also growing their
practice through lifelong relationships that span generations.
Planning that addresses healthcare and its costs represents a differentiated offering. It is also a recurring
topic that clients are guaranteed to engage with as they transition through life. Many individuals feel
unprepared or overwhelmed when it comes to planning for future healthcare costs, especially as the cost
of healthcare is rising unpredictably. The good news for advisors is that many costs are unnecessary and
can be avoided by proactively planning for healthcare events. For many advisors, this starts with ensuring
that a client is enrolled in the right health insurance plan, which involves a highly client-specific analysis
which many advisors are addressing by referring clients to outside insurance brokers. However, addressing
health insurance or Medicare as a standalone solution will not fully alleviate client concerns. It’s just a first
step. It’s also important advisors understand the burden of stress and disease on individuals and their
families, especially as people are living longer, with more disease and stress in their lives. Advisors can
humanize their practice by connecting with clients and their families on a deeper level to understand the
struggles they may face navigating a complex healthcare system. This drives more meaningful
client/advisor relationships and opens up the opportunity for clients to engage in conversations where they
express.
Having the tools to engage in healthcare-related discussions represents a real differentiator for advisors.
While the complexity and the highly situation-specific nature of incorporating healthcare advisory into a
traditional financial practice may seem daunting at the outset, the right partner can actually make the
process quite easy.
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3. Be proactive with healthcare.
Now’s the time. Let’s take a deeper look at
emerging healthcare trends and how advisors
can best to address these trends to alleviate
client concerns. We’ll use specific examples to
illustrate the impact to clients and offer up
actionable steps advisors can take today to
successfully incorporate healthcare planning
into their service portfolio.
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4. "Healthcare is the biggest
financial concern for
Americans."
- Gallup, Bankrate, John Hancock, The Hill, CBS News, Kaiser Family
Foundation, Pew Research Center, CNBC, and more.
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5. Healthcare costs can have a
profound impact on
someone's retirement goals.
These concerns have accelerated in recent years
and over the course of the pandemic. As such,
healthcare is becoming a more critical
consideration in the financial planning process.
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6. Four major factors driving
concerns about healthcare
Choosing the “right” health
insurance can be
bewildering.
Healthcare costs are rising in
an unpredictable way.
The healthcare system is
becoming more complex.
With higher life expectancy
comes more disease and
stress.
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1
4
3
06

7. Healthcare costs
are rising in an
unpredictable way
1
07

8. Healthcare
spending is
projected to grow
at 5.4% annually
In 2020, the
average single
premium
increased 4% and
the average family
premium
increased 4% over
the past year.
A healthy couple
can also expect to
pay an estimated
$295,000 in out-of-
pocket healthcare
expenses in
retirement, a 3.5%
increase over the
2019 figures.
Only 1/3 of
Americans feel
knowledgeable
about how much
they’ll need to
cover healthcare
costs in retirement
Health Affairs
Healthcare costs are rising in an unpredictable way.
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9. Healthcare
spending is
projected to grow
at 5.4% annually
In 2020, the
average single
premium
increased 4% and
the average family
premium
increased 4% over
the past year.
A healthy couple
can also expect to
pay an estimated
$295,000 in out-of-
pocket healthcare
expenses in
retirement, a 3.5%
increase over the
2019 figures.
Only 1/3 of
Americans feel
knowledgeable
about how much
they’ll need to
cover healthcare
costs in retirement
Kaiser Family Foundation
Healthcare costs are rising in an unpredictable way.
09

10. Healthcare
spending is
projected to grow
at 5.4% annually
In 2020, the
average single
premium
increased 4% and
the average family
premium
increased 4% over
the past year.
A healthy couple
can also expect to
pay an estimated
$295,000 in out-of-
pocket healthcare
expenses in
retirement, a 3.5%
increase over the
2019 figures.
Only 1/3 of
Americans feel
knowledgeable
about how much
they’ll need to
cover healthcare
costs in retirement
Fidelity
Healthcare costs are rising in an unpredictable way.
10

11. Healthcare
spending is
projected to grow
at 5.4% annually
Healthcare costs are rising in an unpredictable way.
In 2020, the
average single
premium
increased 4% and
the average family
premium
increased 4% over
the past year.
A healthy couple
can also expect to
pay an estimated
$295,000 in out-of-
pocket healthcare
expenses in
retirement, a 3.5%
increase over the
2019 figures.
Only 1/3 of
Americans feel
knowledgeable
about how much
they’ll need to
cover healthcare
costs in retirement
Nationwide 11

12. Actions to Consider
Use the unpredictability of healthcare costs as an opportunity to
start talking about healthcare planning in your practice.
Educate your clients on the barriers that increase healthcare
costs in one’s life.
Build specific healthcare cost estimates personalized to your
individual client preferences and needs.
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13. Finding the ‘right’
health Insurance
policy can be
bewildering
2
13

14. 9% of people
understand the
four basic health
insurance terms:
premium,
deductible, out-of-
pocket maximum
and co-insurance.
Finding the ‘right’ health insurance policy can be bewildering.
More than 2 in 5
working adults are
inadequately
insured.
3 million
Americans were
enrolled in junk
health insurance
plans in 2019, up
27% from the year
prior.
United Health 14

15. 9% of people
understand the
four basic health
insurance terms:
premium,
deductible, out-of-
pocket maximum
and co-insurance.
More than 2 in 5
working adults are
inadequately
insured.
3 million
Americans were
enrolled in junk
health insurance
plans in 2019, up
27% from the year
prior.
The Commonwealth Fund
Finding the ‘right’ health insurance policy can be bewildering.
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16. 9% of people
understand the
four basic health
insurance terms:
premium,
deductible, out-of-
pocket maximum
and co-insurance.
More than 2 in 5
working adults are
inadequately
insured.
3 million
Americans were
enrolled in junk
health insurance
plans in 2019, up
27% from the year
prior.
E&C Committee
Finding the ‘right’ health insurance policy can be bewildering.
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17. Actions to Consider
Understand your clients’ healthcare needs and preferences when
selecting an insurance policy.
Encourage cost share through health insurance plans, as you do
for life or LTC insurance, and include all generations of the family.
Support life transitions, from new jobs to retiring - at times, pre-
Medicare! - with credible, unbiased options for health insurance
enrollment that do not present competitive risks.
As healthcare needs change rapidly, consider annual coverage
reviews to ensure clients’ plans are still the right fit.
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18. With higher life
expectancy comes
more disease and
stress
3
18

19. 6/10 Adults in the
US are living with
a chronic disease,
while 4/10 have
two or more.
With higher life expectancy comes more disease and stress.
1/5 Americans are
providing care to
family members.
Caregiving
families’ incomes
are more than 15%
lower than non-
caregiving
families.
3 in 4 Americans
say financial
concerns add
stress to their
lives, leading to
higher risk for
disease, lost
productivity at
work and
absenteeism.
CDC 19

20. 6/10 Adults in the
US are living with
a chronic disease,
while 4/10 have
two or more.
1/5 Americans are
providing care to
family members.
Caregiving
families’ incomes
are more than 15%
lower than non-
caregiving
families.
3 in 4 Americans
say financial
concerns add
stress to their
lives, leading to
higher risk for
disease, lost
productivity at
work and
absenteeism.
AARP, U.S. Department of Commerce
With higher life expectancy comes more disease and stress.
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21. 6/10 Adults in the
US are living with
a chronic disease,
while 4/10 have
two or more.
1/5 Americans are
providing care to
family members.
Caregiving
families’ incomes
are more than 15%
lower than non-
caregiving
families.
3 in 4 Americans
say financial
concerns add
stress to their
lives, leading to
higher risk for
disease, lost
productivity at
work and
absenteeism.
John Hancock
With higher life expectancy comes more disease and stress.
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22. Actions to Consider
Understand the burden of stress and disease on individuals and
their families, in addition to supporting health insurance and
Medicare planning.
Open the conversation about healthcare through the right
questions to reveal hidden barriers that impact expenses as
people live longer.
Incorporate the entire family when discussing healthcare needs,
as there are multiple levels of needs (children, spouse, siblings,
parents).
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23. The healthcare
system is becoming
more complex.
4
23

24. 1 in 2 people
struggle to
navigate
healthcare on their
own, triggering
more costly care
that is avoidable.
30% of Americans
have trouble
understanding
and acting on
health
information, and
communicating
with their
healthcare
providers.
>20% of overall
medical care is not
needed, including
tests,
prescriptions, and
procedures.
~ 80% of all
medical bills
contain billing
errors.
Harvard Business Review
The healthcare system is becoming more complex.
24

25. 1 in 2 people
struggle to
navigate
healthcare on their
own, triggering
more costly care
that is avoidable.
30% of Americans
have trouble
understanding
and acting on
health
information, and
communicating
with their
healthcare
providers.
>20% of overall
medical care is not
needed, including
tests,
prescriptions, and
procedures.
~ 80% of all
medical bills
contain billing
errors.
AMA Journal of Ethics
The healthcare system is becoming more complex.
25

26. 1 in 2 people
struggle to
navigate
healthcare on their
own, triggering
more costly care
that is avoidable.
The healthcare system is becoming more complex.
30% of Americans
have trouble
understanding
and acting on
health
information, and
communicating
with their
healthcare
providers.
>20% of overall
medical care is not
needed, including
tests,
prescriptions, and
procedures.
~ 80% of all
medical bills
contain billing
errors.
Plos One Journal 26

27. 1 in 2 people
struggle to
navigate
healthcare on their
own, triggering
more costly care
that is avoidable.
30% of Americans
have trouble
understanding
and acting on
health
information, and
communicating
with their
healthcare
providers.
>20% of overall
medical care is not
needed, including
tests,
prescriptions, and
procedures.
~ 80% of all
medical bills
contain billing
errors.
Healthline
The healthcare system is becoming more complex.
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28. Actions to Consider
Think about how you can play a role in helping your clients
navigate the healthcare system with ease.
Stay on top of your clients health concerns, ensuring they have a
strong relationship with their medical providers.
Point to trusted sources of information to assist clients in
understanding their condition and/or making better healthcare
decisions.
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29. Most concerns (including costs) can be
avoided when people are well-
informed, educated about their
condition, and involved in their
healthcare decisions.
Harvard
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30. Deeper, higher value client relationships occur
when financial advisors go beyond investment
advice to offer advice on all aspects of clients’
financial lives.
Developing and maintaining the expertise in-
house is time consuming and expensive.
However, referring clients to outside insurance
brokers is fraught with competitive risks.
There are technology solutions that make it
easy from financial advisors to easily
incorporate healthcare planning into their
practice.
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The evolution of financial
advisory
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31. Today’s clients are looking for...
Personalized,
holistic advice
that spans the
full scope of
their finances.
Meaningful
conversations
about their
health.
Support and
advice as they
navigate the
healthcare
system and
experience life
transitions.
Peace of mind
in knowing
savings won’t
be depleted by
healthcare
costs.
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32. Healthcare planning is an
opportunity to differentiate
your practice and deliver
added value to your clients.
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33. Incorporating Proactive Healthcare
Planning Into Your Practice
Here are tips and considerations on how to get started with healthcare planning now
that its benefits to your practice and client relationships are evident.
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34. Healthcare planning, like financial planning,
is not a one-time event. It’s an annual
process and can be made part of your
clients’ annual financial reviews. Most costs
can be avoided by identifying and
addressing barriers proactively.
Incorporating Proactive Healthcare
Planning Into Your Practice
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35. Establish a plan to help clients prepare for
healthcare costs, beyond just health
insurance/Medicare.
Incorporating Proactive Healthcare
Planning Into Your Practice
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36. Your clients face transitions in life from
building a family to getting ready to retire
which often results in changes in how they
access healthcare. Identifying and having a
pulse on these transitions offers unparalleled
support to clients and their loved ones.
Incorporating Proactive Healthcare
Planning Into Your Practice
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37. Incorporate tools to help initiate meaningful
conversations with your clients surrounding
healthcare. Asking the right questions ahead
of time will help to best financially plan for
your clients’ near and long term goals.
Incorporating Proactive Healthcare
Planning Into Your Practice
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38. We see a world where
healthcare doesn't get in
the way of living.
www.caribouwealth.com
1 (877) 836-1766
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