Obamacare is in full swing. Tax penalties are rising for not having the insurance and the cost of premiums are going up. One big problem: People are making mistakes on the Health Care Marketplace. Without a doubt, choosing a plan can be daunting. A shopper in the Affordable Care Act marketplace can choose from 40 plans on average.
Medicare is also a challenge. A typical Medicare beneficiary can choose from nearly 20 Medicare Advantage plans and 30 standalone prescription drug plans. In selecting plans, consumers are prone to mental shortcuts that often lead to poor choices. Plan labels like the gold, silver, or bronze can fool people. To some, gold sounds better than bronze even if it isn’t. Steve and Sinclair review an investigative report citing several recent studies by high level researchers.
In the Q & A segment, Steve reviews how to prioritize your retirement strategy, and why starting with cash flow liabilities (your total spending) is the most intelligent and simple place to start. Learn key questions your advisor should be reviewing with you to build your plan.