Prepare early for substantial Medicare costs, adviser says

06/2/2013 | Financial Advisor online

Medicare expenses can have a major effect on retirement savings, but some financial advisers aren't familiar with the entitlement's various plans and costs, says Robert Klein of the Retirement Income Center. Programs such as Medicare Parts B and D are means-tested, and Medicare Part A, which covers about 80% of hospital costs, can still subject retirees to substantial costs, Klein says. Medicare is "absolutely something" that advisers and clients should discuss far in advance of retirement, he says.

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