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We are proud to announce that Heidi A. Foster, CFP®, vice president and wealth advisor at American Wealth Management, has been recognized by Money.com as one of the best women financial planners in the United States for 2025. She is the only financial planner in the state of Nevada awarded this honor.

Money’s Best Women Financial Planners in the U.S.

Money’s Best Women Financial Planners in the U.S. for 2025 is a curated list that highlights top female professionals in the financial planning industry across the United States. This selection recognizes women who demonstrate exceptional expertise, client service, and leadership in managing personal finance, investment strategies, retirement planning, and wealth management. The list serves as a resource for individuals seeking trusted, knowledgeable female financial advisors who can provide tailored advice to meet diverse financial goals. It emphasizes the growing influence and success of women in a traditionally male-dominated field, promoting greater diversity and inclusion within the industry.

Heidi’s inclusion on this list reflects her dedication to providing personalized, strategic wealth management and financial planning services that guide individuals and families toward financial security and success.

As a Certified Financial Planner®, Heidi combines industry knowledge with a client-focused approach that simplifies complex financial decisions. Her leadership at American Wealth Management exemplifies commitment to excellence and unwavering integrity, making her a trusted advisor for many.

This recognition from Money.com not only highlights Heidi’s professional achievements but also underscores the important role women play in the financial planning profession.

Please join us in congratulating Heidi A. Foster, CFP®, on this well-deserved accolade as she continues to set a high standard in the industry and make a positive impact on clients’ financial futures.

Top Financial Planner in Nevada

With 20+ years of experience, Heidi Foster is available to assist you with your financial planning needs. 

Take advantage of our 1-hour no-cost financial consultation. Fill out our financial advisor consultation form.

For more information regarding your financial professional designation(s), click here.

Investment advice offered through American Wealth Management (“AWM”), an SEC-registered investment adviser. Certain personnel of AWM may also be registered representatives of M.S. Howells & Co. (“MSH”), Member FINRA/SIPC, a registered broker-dealer, and therefore, may offer securities through MSH. AWM and MSH are not affiliated entities. M.S. Howells does not provide tax or legal advice. Please consult your legal or tax advisor regarding your individual situation

Setting financial goals is fundamental to achieving long-term financial security and independence. Whether you are just starting or looking to refine your strategy, here are some tips on how to set effective financial goals for your future.

You may want to pay off debt within the next two years, save for a down payment on a home in five years, or ensure a comfortable retirement in 20 years. These time frames help you stay focused and give your financial planning more structure. 

Establish a Realistic Timeline

Timing is critical. When setting deadlines, consider your current income, expenses, and lifestyle. Align your investment and savings plans accordingly. Start by defining your short-term, mid-term, and long-term goals. 

• Short-Term Goals: Short-term financial goals can usually be achieved within a year. They generally focus on financial stability and building a solid foundation.
• Mid-Term Goals: Mid-term goals typically span three to five years and require careful strategic planning. They often involve significant financial commitments, like saving for major purchases or paying off substantial debt.
• Long-term Goals: Long-term goals typically span more than five years and often aim to secure financial independence and prosperity, such as planning for retirement.

Define Your Priorities Clearly

Begin by identifying what matters most to you financially.

Common goals include:

• Building an emergency fund
• Saving for a home purchase
• Planning for retirement
• Funding education for yourself or your dependents
• Paying down debt
• Establishing generational wealth

Write down these priorities and rank them by importance and urgency. Clarity on your priorities provides focus and direction in your financial planning.

Make Your Goals SMART

Vague goals like “save more money” or “get out of debt” are difficult to track or achieve. Instead, set SMART goals: Specific, Measurable, Achievable, Relevant, and Time-bound.

Example:

• Instead of “save for retirement,” say “save $1 million for retirement by age 65 through monthly contributions to a 401(k) and IRA.”
• Instead of “pay off debt,” say “pay off $10,000 credit card balance within 18 months.”

Specific goals give you a clear target and allow you to measure progress regularly.

Break Down Large Goals Into Smaller Steps

Big financial goals can feel overwhelming. Break them down into smaller, manageable milestones that you can celebrate along the way.

For example:

• Save a $10,000 emergency fund by setting aside $500 monthly over 20 months.
• Pay off $5,000 of credit card debt within 6 months by paying $830 monthly.

Smaller goals make it easier to stay motivated and maintain momentum.

Create a Detailed Financial Plan

Once you have your goals defined, work on a step-by-step plan:

• Budget: Track income and expenses to identify how much to save monthly.
• Emergency Fund: Prioritize building a safety net before investing heavily.
• Debt Management: Plan payments that fit into your budget without stress.
• Investment Strategy: Based on your timeline and risk tolerance, choose appropriate vehicles such as retirement accounts, brokerage accounts, and real estate.

Consulting with a financial advisor can help tailor this plan specifically to your situation.

Monitor and Adjust Your Financial Plan Regularly

Life circumstances change, income may rise, expenses may increase, or unexpected events may happen. Regularly review your goals and progress every 6-12 months.

Adjust your contributions, timelines, or even goals if necessary. Flexibility is key to long-term success.

Stay Committed and Patient

Financial goals, especially long-term ones like retirement savings, require discipline and patience. Market fluctuations and life events can cause temporary setbacks, but staying committed to your plan usually results in favorable outcomes over time.

Explore your values, attitude toward risk and reward, timelines, and expectations for the future.

Meet with a Financial Advisor in the Reno-Tahoe Area

Contact one of American Wealth Management’s financial advisors to learn how our advisory services can help you develop a personalized plan designed to support your financial goals and long-term security.

Take advantage of our 1-hour no-cost financial consultation. Fill out our financial advisor consultation form.

 For more information regarding your financial professional designation(s), click here.

Investment advice offered through American Wealth Management (“AWM”), a SEC- registered investment adviser. Certain personnel of AWM may also be registered representatives of M.S. Howells & Co. (“MSH”), Member FINRA/SIPC, a registered broker-dealer, and therefore, may offer securities through MSH. AWM and MSH are not affiliated entities. M.S Howells does not provide tax or legal advice. Please consult your legal or tax advisor regarding your individual situation

A Certified Financial Planner (CFP®) is a trained and certified professional who provides financial planning services and advice to clients. The CFP® designation is awarded by the Certified Financial Planner Board of Standards in the United States and is recognized worldwide.

Education and Certification

To achieve the CFP® designation, candidates must meet specific educational, examination, experience, and ethical requirements. This includes obtaining a bachelor’s degree or higher and completing a set of courses covering various financial planning topics such as retirement, taxes, insurance, and estate planning. Following this education, candidates must pass the CFP® examination, which tests their knowledge and ability to apply financial planning concepts in real-world situations.

Additionally, candidates must possess at least three years of relevant work experience in the financial services field and adhere to a strict code of ethics, ensuring they act in the best interests of their clients (CFP® Board, 2023).

Scope of Services

CFP®s offer a wide range of services tailored to individual needs:

• Retirement Planning: Helping clients assess their future retirement needs and create a sustainable withdrawal strategy.
• Investment Management: Assisting clients in developing an investment strategy aligned with their risk tolerance and financial goals.
• Tax Planning: Providing strategies to minimize tax liabilities and maximize tax benefits.
• Estate Planning: Helping clients plan for the distribution of their assets after death, ensuring their wishes are executed as intended.
• Insurance Planning: Evaluating necessary insurance coverage to protect clients’ assets and families.

Credibility and Trust

The CFP® designation signifies a high level of professionalism, knowledge, and commitment to ethical practices. Clients can trust that a CFP® has undergone rigorous training and adheres to a fiduciary standard, meaning they are required to act in their clients’ best interests, rather than prioritizing their own commissions or fees.

Why Choose a CFP?

Choosing a Certified Financial Planner offers several advantages:

1. Comprehensive Planning: CFP®s take a holistic approach to financial planning, integrating various financial aspects into one cohesive plan.
2. Personalized Services: They tailor their services to meet clients’ unique financial situations and goals.
3. Ongoing Support: Many CFP®s provide ongoing advice and support, adjusting plans as clients’ circumstances change.
4. Regulatory Oversight: The CFP® Board enforces strict standards for its members, promoting trust and accountability.

A Certified Financial Planner (CFP®) serves as a valuable ally in navigating the complexities of personal finance. With their extensive education, commitment to ethical practices, and comprehensive approach to financial planning, CFP®s can help individuals and families achieve their financial goals. Whether you are planning for retirement, investing for the future, or managing your estate, a CFP® can provide the expertise and guidance needed to make informed financial decisions.

American Wealth Management Financial Advisors Serving the Reno-Tahoe, Nevada Area

At American Wealth Management, our team of experienced financial planners can help you create a customized financial plan that reflects your personal goals and circumstances. We help you prepare for retirement, invest based on your risk tolerance, consider tax implications, create an estate plan, and more.

Schedule a consultation with American Wealth Management today. Let us help you build a secure legacy for your loved ones.

Sign up for a free consultation with American Wealth Management.

For more information regarding your financial professional designation(s), click here.

Sources:

Certified Financial Planner Board of Standards. (2023). “Become a CFP Professional.”

Sign up for a free consultation with American Wealth Management.

For more information regarding your financial professional designation(s), click here.

Investment advice offered through American Wealth Management (“AWM”), a SEC- registered investment adviser. Certain personnel of AWM may also be registered representatives of M.S. Howells & Co. (“MSH”), Member FINRA/SIPC, a registered broker-dealer, and therefore, may offer securities through MSH. AWM and MSH are not affiliated entities. M.S Howells does not provide tax or legal advice. Please consult your legal or tax advisor regarding your individual situation.

Heidi Foster, Vice President and Wealth Advisor, American Wealth Management, on KNPR’s State of Nevada with Joe Schoenmann

On KNPR’s show State of Nevada, Joe Schoenmann brings together retirement advisors and financial experts, including Heidi Foster, to address pressing concerns facing Nevadans, especially around Social Security, Medicaid, retirement accounts and personal savings as economic uncertainty looms. With about one in five Nevadans relying on Social Security and 800,000 depending on Medicaid, many are anxious about possible federal cuts and the impact of market volatility on their retirement security.

The Financial Experts Agree

With several call-in questions, the financial experts addressed concerns with sound advice, including the following: 

• Don’t make rash decisions in response to fear. 
• Focus on the fundamentals, save consistently, diversify investments, pay down debt, and seek professional advice tailored to your situation. 
• While the future of programs like Social Security is uncertain, proactive personal finance management remains the best defense against economic instability.

Listen to the full broadcast and what Heidi has to say on KNPR:

When the market’s a gamble: financial tips for Las Vegas locals

Heidi Foster CFP® 

Heidi works closely with every client to design, implement, and monitor comprehensive, multi-generational wealth management strategies.

Learn more about Heidi’s wealth management offerings here: 

Heidi Foster, CFP®, Vice President, Wealth Advisor, Registered Representative serving the Reno-Tahoe area and throughout Nevada.

Sign up for a free consultation with American Wealth Management.

For more information regarding your financial professional designation(s), click here.

Investment advice offered through American Wealth Management (“AWM”), a SEC-registered investment adviser. Certain personnel of AWM may also be registered representatives of M.S. Howells & Co. (“MSH”), Member FINRA/SIPC, a registered broker-dealer, and therefore, may offer securities through MSH. AWM and MSH are not affiliated entities. M.S Howells does not provide tax or legal advice. Please consult your legal or tax advisor regarding your individual situation.

Estate planning is a critical aspect of managing your wealth and ensuring your loved ones are taken care of after your passing. One key component of estate planning is the use of trusts. Trusts can help you avoid probate, minimize estate taxes, and provide specific instructions for asset distribution. However, determining which type of trust is the best for your situation depends on your unique circumstances.

Types of Trusts

Revocable Living Trust

A revocable living trust is one of the most common types of trusts used in estate planning. It allows you to retain control over your assets during your lifetime while specifying how those assets will be distributed after your death. The trust can be modified or revoked at any time, providing flexibility. This type of trust can help avoid probate, making the transition smoother for your heirs.

Irrevocable Trust

In contrast to a revocable living trust, an irrevocable trust cannot be changed or revoked once established. This type of trust is often used for specific purposes, such as estate tax reduction or asset protection. Since the assets in an irrevocable trust are no longer considered part of your estate, they may help reduce the overall tax burden on your estate.

Testamentary Trust

A testamentary trust is created through your will and comes into effect upon your death. It can be an effective way to manage how your assets are distributed, especially for minor children or beneficiaries who may not be capable of handling large sums of money. This type of trust will go through probate, so it may not provide the same advantages in terms of speed or privacy that other trusts offer.

Special Needs Trust

For individuals who have a loved one with special needs, a special needs trust can be highly beneficial. This type of trust ensures that the beneficiary can receive financial support without jeopardizing their eligibility for government assistance programs. It’s important to design this type of trust carefully to comply with regulations.

Charitable Trust

A charitable trust allows you to donate assets to a charity while providing specific tax benefits. This can be a valuable estate planning tool if you want to support a cause you care about while also achieving potential tax deductions for your estate.

Choosing the Best Trust

Determining the best trust for your estate planning requires considering several factors, including your assets, your family’s needs, and your goals. Here are some steps to follow:

1. Assess Your Assets:
   Consider the types and values of your assets, as different trusts may have varying implications for tax and distribution.
2. Evaluate Your Goals:
   Identify what you want to achieve with your estate plan. Are you focusing on minimizing taxes, providing for minor children, or supporting a charitable cause?
3. Consider Your Family Situation:
   Think about your loved ones’ unique needs, especially if you have children or dependents with special circumstances.
4. Consult an Estate Planning Professional:
   Working with an estate planning attorney can help you navigate the complexities of trust creation and ensure your trust aligns with your overall estate plan.

There are other types of trusts beyond these, although these are some of the more frequently used trusts and everyone’s situation is unique.The best trust for estate planning varies from person to person based on individual needs and goals. A revocable living trust often serves as a solid foundation for many, but it’s essential to consider all available options. Tailoring your estate plan with the right trust can provide peace of mind, knowing your assets will be managed and distributed as you desire.

Working with a Financial Advisor

When planning a trust, it is essential to consult with a professional to ensure comprehensive guidance and support. You should consider working with a financial advisor who can assist in assessing your financial situation and developing strategies to fund the trust, which may involve investments, insurance policies, or other assets.

Collaborating with these professionals ensures that the trust is set up effectively and aligns with your overall estate planning goals.

American Wealth Management Team of Experienced Financial Planners

At American Wealth Management, our team of experienced financial planners can help you create a customized financial plan that reflects your personal goals and circumstances. Schedule a consultation with American Wealth Management today. Let us help you build a secure legacy for your loved ones.

Sign up for a free consultation with American Wealth Management.

For more information regarding your financial professional designation(s), click here.

Investment advice offered through American Wealth Management (“AWM”), a SEC- registered investment adviser. Certain personnel of AWM may also be registered representatives of M.S. Howells & Co. (“MSH”), Member FINRA/SIPC, a registered broker-dealer, and therefore, may offer securities through MSH. AWM and MSH are not affiliated entities. M.S Howells does not provide tax or legal advice. Please consult your legal or tax advisor regarding your individual situation.

A financial planner is a professional who helps individuals and businesses develop strategies to achieve their long-term financial goals. Their primary focus is ensuring clients are financially secure throughout their lifetime and are equipped to manage their investments effectively.

Here’s a more detailed look into the roles, responsibilities, and regulatory environment surrounding financial planning.

Core Responsibilities of a Financial Planner

1. Goal Setting and Assessment

Financial planners begin by understanding a client’s financial situation, including income, expenses, assets, and liabilities. They then assist in setting specific financial goals—be it saving for retirement, funding education, or making investments.

2. Budgeting and Cash Flow Management

Advisors help create budgets that enable clients to control cash flow. This analysis is crucial for understanding spending habits and finding ways to save for future goals.

3. Investment Strategy Development

They develop investment strategies tailored to the client’s risk tolerance and financial objectives. This may include selecting mutual funds, stocks, bonds, real estate or other appropriate investments.

4. Retirement Planning

Financial planners assist in preparing for retirement by calculating how much money a client will need to live comfortably in retirement and creating a strategy to accumulate that wealth over time.

5. Tax Planning

They may provide strategies to minimize tax liabilities through various investment vehicles and tax-efficient withdrawals, ensuring clients retain more of their earnings.

6. Estate Planning

Financial planners often work with clients to develop estate plans, including wills and trusts, to ensure that assets are distributed according to the client’s wishes after death while minimizing estate taxes.

7. Risk Management and Insurance

An evaluation of insurance is a part of their service, helping clients understand insurance needs in areas such as health, life, and property.

Certification and Qualification

To practice as a financial planner in the United States, individuals can obtain certifications such as Certified Financial Planner® (CFP) and Chartered Financial Consultant® (ChFC). These credentials ensure financial planners adhere to ethical standards and possess the necessary expertise. Make sure to ask your financial planner about their certifications and qualifications before making the decision to work with them.

Regulatory Environment

Financial planners are regulated by various laws and governing bodies to ensure they act in the best interest of their clients. Key regulations include:

• Investment Advisers Act of 1940
  – This act regulates investment advisers and requires them to adhere to fiduciary standards, meaning they must act in the best interests of their clients.
• Gramm-Leach-Bliley Act (GLBA)
  – The GLBA requires financial institutions to explain their information-sharing practices to their customers and to safeguard sensitive data.
• Dodd-Frank Wall Street Reform and Consumer Protection Act
  – This act was enacted to improve regulation of the financial industry, and it includes provisions that affect financial planners concerning transparency and client protection.

When to Consider a Financial Planner

A financial planner can provide guidance through these transitions by helping you understand the implications of each change. For example, marriage or divorce can alter tax situations and affect asset distribution, while having a child introduces new expenses and savings needs.

For individuals selling a business, a financial planner can assist in structuring the sale to maximize value and strategize on how to allocate the proceeds. Similarly, as you prepare for retirement, a financial planner can help you assess your current savings and create a plan to ensure financial stability throughout your retirement years.

A sudden increase in income, whether from a promotion, bonus, or another source, can create opportunities for new investments or savings strategies. Conversely, being laid off may necessitate immediate financial adjustments. A financial planner can guide you through budgeting and exploring new income sources during this transition.

Moreover, managing an inheritance can be complex. A financial planner can provide advice on how to utilize these funds wisely, whether that means investing, saving for future needs, or addressing debts.

In all these situations, a financial planner can assist you in aligning your decisions with long-term goals. They can help you set realistic objectives and develop actionable strategies, ensuring that your financial choices support your vision for the future.

How Can American Wealth Management Help?

At American Wealth Management, our team of experienced financial planners can help you create a customized financial plan that reflects your personal goals and circumstances. We help you prepare for retirement, invest based on your risk tolerance, consider tax implications, create an estate plan, and more.

Schedule a consultation with American Wealth Management today. Let us help you build a secure legacy for your loved ones.

Sign up for a free consultation with American Wealth Management.

For more information regarding your financial professional designation(s), click here.

Financial security is a cornerstone of a fulfilling life. Whether you’re planning for a dream vacation, saving for your child’s college education, or looking forward to a comfortable retirement, having a clear financial plan is essential. A wealth manager can be a valuable partner in achieving your financial goals.

You want to find a financial partner you have absolute trust in. But with so many wealth management options available, choosing the right one can feel daunting. Learn the key factors to consider when selecting a wealth manager to find someone who perfectly aligns with your needs and values.

Building Trust: The Foundation of a Strong Relationship With Your Wealth Manager

At the heart of a successful wealth management relationship is trust. Your wealth manager should be someone you feel comfortable discussing your financial situation openly and honestly. This open communication is crucial for developing a personalized plan that reflects your unique goals and risk tolerance.

Here are some key traits to look for in a dependable and trustworthy financial advisor:

Transparency

A trustworthy advisor should be upfront and clear about everything. This includes their fees, their investment philosophy, their experience, and their qualifications. They should be happy to answer your questions and explain things in a way you understand.

Your advisor should be an excellent communicator. They should be able to explain complex financial concepts in a clear and understandable way. They should also be a good listener who is attentive to your concerns and goals.

Strong Credentials

When searching for a trustworthy wealth manager, both credentials and experience play a crucial role. Here’s a breakdown of what to look for:

• Credentials: Look for advisors with relevant certifications like CFP® (Certified Financial PlannerTM) or CFA® (Chartered Financial Analyst®). These certifications demonstrate a commitment to ongoing education and adherence to ethical standards.
• Years of Experience: While new advisors can be knowledgeable, experience managing wealth through different market cycles is valuable. Look for someone with at least 5-7 years of experience.
• Experience with Similar Clients: An advisor who has experience working with clients in a similar financial situation to yours can be a plus. They’ll have a better understanding of the challenges and opportunities you might face. For example, if you’re a young professional, an advisor with experience helping other young professionals manage debt and invest for the long term might be a good fit.

Focus on Long-Term Financial Planning

A trustworthy advisor is more interested in developing a personalized plan for your long-term financial future than making a quick sale. They should take the time to understand your unique situation, risk tolerance, and goals before recommending any investments.

By looking for these traits and prioritizing them, you can increase your chances of finding a great financial advisor who will be a valuable partner on your financial journey.

Fiduciary Duty

Their recommendations should be based on what’s best for you, not what generates the highest commission for them. You can look for an advisor who operates as a fiduciary. This means they are legally obligated to prioritize your financial well-being above all else.

It’s not that other financial advisors won’t keep your best interest at heart—after all, most are paid a percentage of your wealth. So growing it can be in their best interest. However, depending on your situation and the nature of the funds you want managed, having a fiduciary wealth manager might give you some peace of mind.

Finding the Right Fit for Your Stage of Life

Financial needs evolve throughout life, and a good wealth manager will understand that. Here’s a breakdown of some common financial priorities at different stages, along with the services a wealth manager can provide to address them:

Young Professionals (20s-30s)

This age group is often focused on establishing financial independence. Common goals include managing student loan debt, building an emergency fund, saving for a down payment on a house, and starting to invest for the long term. A wealth manager can help create a budget, develop a debt repayment plan, and recommend appropriate investment strategies for long-term wealth accumulation.

Families (30s-50s)

Families often juggle multiple financial priorities, such as saving for college, managing childcare costs, and protecting their income with life insurance. A wealth manager can help create a college savings plan, develop a risk management strategy, and ensure your investment portfolio aligns with your changing needs and risk tolerance.

Pre-Retirees (50s-60s)

As retirement approaches, the focus shifts to maximizing retirement income, minimizing taxes, and ensuring your nest egg lasts throughout your golden years. A wealth manager can help assess your retirement readiness, develop strategies to increase retirement income (through investments or social security optimization), and create a tax-efficient withdrawal plan for your retirement savings.

Retirees (60s+)

Retirees want to enjoy their golden years while ensuring their financial security. Common concerns include managing retirement income, minimizing healthcare costs, and leaving a legacy. A wealth manager can help manage your retirement portfolio, develop strategies for income generation and wealth preservation, and create an estate plan to ensure your assets are distributed according to your wishes.

Remember, this is not an exhaustive list, and everyone’s situation is unique. A good wealth manager will take the time to understand your specific goals and circumstances, regardless of your life stage. They can then tailor their services to address your needs and help you navigate the ever-changing financial landscape.

Making Your Big Financial Plans a Reality

Many of us dream of traveling the world, retiring comfortably, or starting a business. But transforming those dreams into reality requires a well-defined plan and ongoing financial guidance. A wealth manager can help you develop a personalized roadmap to achieve your long-term goals. Through a combination of financial planning and investment management, a qualified wealth manager can help you navigate market fluctuations and make informed decisions that move you closer to financial freedom.

Finding the Right Wealth Manager for You

The right wealth manager can be a valuable partner on your financial journey. By prioritizing compatibility, experience, and the right credentials, you can ensure you have a trusted advisor by your side.

Live in Reno, Nevada?

American Wealth Management (AWM) is a wealth management firm dedicated to helping individuals and families in our community reach their financial goals. We offer complimentary consultations to discuss your unique financial situation and goals. Contact us today to schedule a free consultation call and see if we’re a good fit for you.
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Investment advice offered through American Wealth Management (“AWM”), a SEC-registered investment adviser. Certain personnel of AWM may also be registered representatives of M.S. Howells & Co. (“MSH”), Member FINRA/SIPC, a registered broker-dealer, and therefore, may offer securities through MSH. AWM and MSH are not affiliated entities. M.S Howells does not provide tax or legal advice. Please consult your legal or tax advisor regarding your individual situation. For more information regarding your financial professional designation(s), click here.

Breaking Down The Basics of Medicare

Whether your 65th birthday is on the horizon or decades away, understanding the different parts of Medicare is critical, as this government-sponsored program may play a role in your future healthcare decisions.

Parts A & B: Original Medicare. There are two components. In general, Part A covers inpatient hospital care, skilled nursing facility costs, hospice, lab tests, surgery, and some home health care services. One thing to keep in mind is that, while very few beneficiaries must pay Part A premiums out of pocket, annually adjusted standard deductibles still apply.1,2

Many pre-retirees are frequently warned that Medicare will only cover a maximum of 100 days of nursing home care (provided certain conditions are met). Part A is the one with these provisions. Under the current Part A rules, you would pay $0 for days 1-20 of care in a skilled nursing facility (SNF). During days 21-100, a $204 daily coinsurance payment may be required of you.1,2

Knowing the limitations of Part A, some people look for other choices when it comes to managing the costs of extended care.

Part B covers physicians’ fees, outpatient hospital care, certain home health services, durable medical equipment, and other offerings not covered by Medicare Part A.2

Part B does come with some costs, however, which are adjusted annually. The premiums vary, according to the Medicare recipient’s income level, but the standard monthly premium amount is $174.70, and the yearly deductible is $240 for 2024.2

Part C: Medicare Advantage plans. Sometimes called “Medicare Part C,” Medicare Advantage (MA) plans are often viewed as an all-in-one alternative to Original Medicare. MA plans are offered by private companies approved by the federal government. Although these plans come with standardized minimum coverage, the amount of additional protection offered can differ drastically from one person to the next. This is due to unique provider networks, premiums, copays, coinsurance, and out-of-pocket spending limits. In other words, comparing prices and services offered by different vendors may be the best way to find a Medicare Advantage plan that works for you.3

Part D: Prescription drug plans. While Medicare Advantage plans often offer prescription drug coverage, insurers also sell federally standardized Medicare Part D plans as a standalone product to those with Medicare Part A and/or Part B. Every Part D plan has its own list (i.e., a “formulary”) of covered medications. Visit Medicare.gov to explore the formulary of approved drugs for your Part D plan as well as their prices, organized by tier.4

In fact, Medicare.gov is a great place to start all your research. Once there, you’ll find answers to your most common questions and more information on the different Medicare plans offered in your area.

If you have questions about your finances, take advantage of American Wealth Management’s 1- hour no-cost financial consultations. Submit this form to us and we will contact you to schedule a video call with one of our advisors.

American Wealth Management Reno, Nevada

Thanks to healthier lifestyles and advances in modern medicine, the worldwide population over age 65 is growing. In the past decade, the population of Americans aged 65 and older has grown 38% and is expected to reach 94.7 million in 2060. As our nation ages, many Americans are turning their attention to caring for aging parents.1

For many people, one of the most difficult conversations to have involves talking with an aging parent about extended medical care. The shifting of roles can be challenging, and emotions often prevent important information from being exchanged and critical decisions from being made.

When talking to a parent about future care, it’s best to have a strategy for structuring the conversation. Here are some key concepts to consider.

Cover the Basics

Knowing ahead of time what information you need to find out may help keep the conversation on track. Here is a checklist that can be a good starting point:

• Primary physician
• Specialists
• Medications and supplements
• Allergies to medication

It is also important to know the location of medical and estate management paperwork, including: 2

• Medicare card
• Insurance information
• Durable power of attorney for healthcare
• Will, living will, trusts, and other documents

Be Thorough

Remember that if you can collect all the critical information, you may be able to save your family time and avoid future emotional discussions. While checklists and scripts may help prepare you, remember that this conversation could signal a major change in your parent’s life. The transition from provider to dependent can be difficult for any parent and has the potential to unearth old issues. Be prepared for emotions and the unexpected. Be kind, but do your best to get all the information you need.

Keep the Lines of Communication Open

This conversation is probably not the only one you will have with your parent about their future healthcare needs. It may be the beginning of an ongoing dialogue. Consider involving other siblings in the discussions. Often one sibling takes a lead role when caring for parents, but all family members should be honest about their feelings, situations, and needs.

Don’t Procrastinate

The earlier you begin to communicate about important issues, the more likely you will be to have all the information you need when a crisis arises. How will you know when a parent needs your help? Look for indicators like fluctuations in weight, failure to take medication, new health concerns, and diminished social interaction. These can all be warning signs that additional care may soon become necessary. Don’t avoid the topic of care just because you are uncomfortable. Chances are that waiting will only make you more so.

Remember, whatever your relationship with your parent has been, this new phase of life will present challenges for both parties. By treating your parent with love and respect—and taking the necessary steps toward open communication—you will be able to provide the help needed during this new phase of life.

If you have questions about your finances, take advantage of American Wealth Management’s 1- hour no-cost financial consultations. Submit this form to us and we will contact you to schedule a video call with one of our financial advisors.

American Wealth Management Reno, Nevada

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1. ACL.gov, November 2022
2. Note: Power of attorney laws can vary from state to state. An estate strategy that includes trusts may involve a complex web of tax rules and regulations. Consider working with a knowledgeable estate management professional before implementing such strategies.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2024 FMG Suite.

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