In Episode #20 of NAPFA Nation, Christine Simone, founder and CEO of healthcare software company Caribou, and host Marie Swift delve into the vital intersection of healthcare and financial planning. As they explore the significance of healthcare in financial strategies, especially during pivotal life events like retirement, divorce, and job changes, Simone emphasizes the need for advisors to be well-informed about health plan options and Medicare. The conversation highlights the complexities of Medicare, advocating for advisors to initiate discussions with clients at least a year before they reach 65. With a focus on enhancing advisors' educational resources, the episode also teases a resource to help advisors with crucial information for navigating healthcare options: the upcoming Survival Guide for Open Enrollment, set to launch in November. The discussion includes an introduction to Caribou’s healthcare planning software, designed to bridge the gap in comprehensive financial tools addressing healthcare costs.

In a nutshell:

• The Medicare decision-making process can be complicated
• Software can decision-making for health plan selection and Medicare options
• Retirement is a common life event where healthcare is discussed
• Early retirement (before 65) poses challenges due to high insurance costs
• Advisors need education on health plan options and Medicare
• Holistic financial practitioners are now including additional aspects in financial plans
• The latest T3/Inside Information survey shows growth in estate and tax planning software adoption
• Beware the risks of outsourcing to insurance agents who may not present all options

Learn more about Caribou’s mission and health care planning software at www.CaribouWealth.com.

Expenses tied to healthcare are often a surprise and there are very few solutions that allow for someone to proactively plan for key milestones and events where it's known that your healthcare costs can change, like when you retire or as you age. Healthcare is complicated and represents one of the biggest threats to clients’ financial goals. Caribou’s healthcare planning software, HealthPlanner, exists to mitigate this risk. The intersection of healthcare and finance is a true passion for Christine Simone. Every day, as the founder and CEO of Caribou, she carves a nontraditional, innovative path towards objective health insurance planning which, surprisingly, is not widely available in today’s world.

Although she's years away from her own retirement, Simone is obsessed with helping current and future retirees plan for and optimize their health care costs. She's held notable leadership positions within the healthcare industry working with key stakeholders from payers to providers to the Veterans Affairs department. She's driven by her passion to slash hidden incentives in healthcare to support smarter financial decision-making, and she is within the small fraction of women founders who have raised venture capital.

Simone was recently recognized on the Forbes 30 Under 30 list in the Healthcare category and WealthManagement.com’s Top 10 to Watch in 2024.

Learn more at www.CaribouWealth.com.