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PERSONAL FINANCIAL PLANNING

Helping clients plan for most insurance plans, and as long as members stay
in-network with care, they are protected against
large health care events such as hospital visits
health care coverage or surgeries.
Cost-sharing plans can be a good solution for
folks who are in good health and rarely use health
until Medicare requires a care services or people who prefer to manage their
health with typically out-of-network providers
strategic funding plan but anyway, such as naturopathic providers and other
alternative services like acupuncture, chiropractic
care, etc. Joining typically requires an application
also, in some cases, a and membership in the group community.

Part-time jobs
shift in their thinking Taking a part-time job may not fit the technical
definition of retirement, but a position with a
company that offers benefits to part-timers can
around health insurance. be an excellent choice for people who are ready to
leave their full-time career but still want employer-
provided health care coverage, perhaps because they
have minors they need to cover. It can provide an
For example, most cost-sharing plans don’t alternative to the high cost of family coverage for
provide the zero-cost preventive care that ACA- even the least expensive ACA plans in some states.
compliant plans do, including immunizations,
wellness visits, and screenings. They also don’t have Moving abroad
a legal mandate to cover any costs at all, particularly Depending on the choice of country and its
those that may conflict with the values of the rules for establishing legal residency and access-
sponsor religious organization, which is important ing government-run health care, moving abroad
to understand before joining. can help to plug the gap while also adding some
Most also exclude coverage for certain preexist- adventure if the situation is right. For instance,
ing conditions for at least the first couple years of some retirees may be able to obtain dual citizenship
enrollment. Plans do, however, offer a discount in a European country, entitling them to health care
on services for in-network providers similar to there and a European Health Insurance Card (see
“Stretching Retirement Dollars by Living Abroad,”
JofA, Sept. 20, 2022).
AICPA RESOURCES Medicare coverage does not apply outside the
United States, but clients will still need to enroll
Podcast episode upon reaching age 65 to avoid the lifetime late
“Retiree Funding of Healthcare Prior to Age 65” enrollment penalties if they ever plan to return to
the United States.
For PFP Section members
Healthcare Coverage Planning, 6th ed. Going uninsured
“Social Security and Medicare: Maximizing Retirement Benefits” (video) Going without insurance is the riskiest option. It’s
worth noting that many health care providers offer
PFP Member Section and PFS credential
a lower billing rate to patients who are deemed
Membership in the Personal Financial Planning (PFP) Section provides “self-pay” than those who are insured. In other
access to specialized resources in the area of personal financial words, a patient who has insurance but hasn’t yet
planning, including complimentary access to Broadridge Advisor.
Visit the PFP Center. Members with a specialization in personal financial met their deductible will still pay the full cost of
planning may be interested in applying for the Personal Financial the service, often at a higher rate than if they didn’t
Specialist (PFS) credential. use their insurance. Nonetheless, being uninsured is
taking a major risk.

18 | Journal of Accountancy April 2023