Webinar Recap: Workflow Template to Systemize & Streamline Healthcare Planning, with Hubly

Caribou Team
January 23, 2023

Caribou’s co-founder, Christine Simone, was recently a guest on a Hubly webinar, hosted by their COO, Ron Gorodetsky. During the webinar, Christine talked about:

1. When and how to start the Medicare conversation.

2. How to conduct a healthcare cost review that benefits you and your clients.

3. The value of delivering these planning offerings to your clients.

Ron also showed attendees how to use the workflow for healthcare planning for Medicare clients in Hubly

If you’re short on time or prefer reading over watching, an overview of some of the key points from the conversation can be found below. However, if you want to hear the great questions that webinar attendees asked during the live session, we highly recommend watching the webinar below.

Ron: “Christine, why don’t you talk a bit about why we’re here.”

Christine: “Thanks, Ron. As you can see on the slide right now, eight in ten future retirees state that out-of-control healthcare costs are one of their top fears, as they approach retirement specifically. A lot of advisors in the room likely specialize in that key milestone through retirement planning. And so healthcare is a really important piece of that conversation to address with your clients.”

“And if you go to the next slide, you can see all of the different life events, as we call them, that impact healthcare costs. Based on what we know from working with advisors in the industry, clients want to turn to their financial advisors in all of these cases. Where there's a little bit of misalignment is that only 17% of financial professionals feel confident in delivering a healthcare planning offering. But that's why we're here today. We’re going to focus on a specific life event: approaching 65 and Medicare enrollment.”

Ron: “In your experience, what causes friction in implementing a healthcare planning solution?”

Christine: “There are three key things, and the first is just now knowing when or how to start the Medicare conversation. One of my favorite solutions that one of our partner advisors does is that they send a 64th birthday card to start the conversation about planning for Medicare. Being proactive about the conversation will really help financial advisors, and their clients, to avoid mistakes when it comes time to enroll in Medicare. The second thing that causes friction is not knowing how to conduct a healthcare cost review that benefits you and your clients. Obviously, if financial advisors partner with Caribou it makes it easy, but whether you use a third party or not to conduct a healthcare cost review it is possible for financial advisors to do research to understand important aspects of Medicare that will allow them to compare options for their clients. The third challenge is realization of the ROI in delivering these planning offerings to your clients. I think that a lot of advisors haven't necessarily nailed this when it comes to healthcare planning yet. Just like any other insurance plan, if you're constantly reviewing it and ensuring that it matches your needs, or just like with what you do with the financial plan or any investment strategy, you're optimizing it based on where the client is at that time point based on their scenario, their needs, their budget, and any other criteria that you might be looking to match circumstances to. The same is applicable for healthcare planning. Your needs as a young 35-year-old are very different than your needs when you turn 65 and transition to Medicare. There are different criteria that clients are likely looking for, so understanding and reviewing this annually is really important for cost savings opportunities, so there's a dollar value attached to it. Right now, on average, we save our customers and their clients a few thousand dollars every single year by reviewing their Medicare plans. 

But the other big thing that is a little less tangible and probably more important is the relationship that you get to build with your client when you offer healthcare planning. I mentioned earlier that eight out of ten future retirees state that out-of-control healthcare costs are one of their top financial fears. There's a lot of data that also supports that clients really want their financial advisor to be addressing the full scope of their financial picture. Hubly has workflows around adjacent offerings, like tax planning, estate planning, and other workflows that help to support clients’ full financial scope. The same is true of healthcare planning. So realizing that addressing healthcare planning proactively with clients not only reduces overspending, but it also strengthens that relationship with your clients.”

Ron then showcased the workflow templates that are now available in Hubly that allow financial advisors to conduct healthcare planning for their Medicare clients. You can watch the demo below:

And Christine showed a brief demo of Caribou’s healthcare planning software, HealthPlanner:

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