Latest / Only Fee-Only / #90 - Decoding Health Insurance and Medicare with Cole Craven

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#90 - Decoding Health Insurance and Medicare with Cole Craven · Only Fee-Only

• 0:04
  Speaker 1: How's it going everyone?
• 0:05
  Speaker 1: Welcome back to the OnlyFeeOnly podcast and, as always, thank you so much for being here.
• 0:09
  Speaker 1: In this episode, we got the chance to talk to Cole Craven, who is the co-founder at Move Health Partners.
• 0:17
  Speaker 1: Now, what is Move Health Partners?
• 0:20
  Speaker 1: For those of you that listen along and are familiar with BC brokerage, the best way that I could describe it is they do what we do, but for health insurance and Medicare.
• 0:32
  Speaker 1: So, nationwide, helping financial advisors implement health insurance and Medicare when the time is right.
• 0:40
  Speaker 1: One of the things that you're going to notice about Cole is the authenticity that comes through when he talks about his passion and what he does.
• 0:48
  Speaker 1: Enjoy this episode with Cole Craven on the Only Feet Only podcast.
• 0:55
  Speaker 2: What's up everyone?
• 0:56
  Speaker 2: Welcome to another episode of the Only Feet Only podcast.
• 1:00
  Speaker 2: I'm Peter Travolo.
• 1:01
  Speaker 2: I'm here with my co-host, brock buckles.
• 1:03
  Speaker 2: How's it going today?
• 1:04
  Speaker 2: Brock, it's great man, it's rainy here in indiana.
• 1:08
  Speaker 1: I love it.
• 1:08
  Speaker 1: Well, I don't want to rain on your parade.
• 1:16
  Speaker 1: I think it's about 80 and sunny here in miami right now.
• 1:17
  Speaker 2: Very excited to have cole craven on from move health today.
• 1:21
  Speaker 2: Um, really excited because he's another insurance guy who has a great personality.
• 1:27
  Speaker 2: I know we're going to have a great conversation today.
• 1:30
  Speaker 2: So, cole, welcome to the show man.
• 1:32
  Speaker 3: Yeah, thanks for having me Excited to be here.
• 1:34
  Speaker 3: I'm probably a couple hours south of Brock, still in Indiana.
• 1:37
  Speaker 3: It's a tall state, right, so we're getting the same rain today.
• 1:40
  Speaker 3: If you look outside my office, it's just cornfields right up to the front door and then you hit the front door but it's raining on the fields.
• 1:47
  Speaker 3: The plants are happy.
• 1:49
  Speaker 2: Sounds like Indiana.
• 1:49
  Speaker 2: And then you're at Move Health, baby.
• 1:52
  Speaker 3: And then you've made it to Move Health, the mecca for all things health insurance and Medicare.
• 1:57
  Speaker 2: I love it, so for those who don't know who Cole Craven is and Move Health.
• 2:01
  Speaker 2: You want to give a quick 30, 60 second overview of who you are and the clients that you're helping right now.
• 2:09
  Speaker 3: Yeah, I would love to you know.
• 2:10
  Speaker 3: I've been asked for what's the elevator pitch all the time and so I can give you the formal elevator pitch, but the reality is we're on a mission to make health coverage simple and clear.
• 2:18
  Speaker 3: So we partner with you know, forward thinking financial advisors, wealth managers, to solve for health insurance for their clients.
• 2:25
  Speaker 3: Rather, that's like hey, early retirement, I'm retiring at 58.
• 2:28
  Speaker 3: I need to figure out health insurance in those gap years to 65.
• 2:31
  Speaker 3: Or I'm a small business owner and I have to buy my own health insurance coverage.
• 2:34
  Speaker 3: How do I do that in a manner that's affordable and allows me to travel and do those things?
• 2:38
  Speaker 3: Or you know, hey, I've got this client who's turning 65 and getting ready to transition to Medicare.
• 2:44
  Speaker 3: What do I need to know?
• 2:45
  Speaker 3: How can I be coaching my you know my client?
• 2:47
  Speaker 3: What do I do when they start asking questions that I don't know the answer to?
• 2:50
  Speaker 3: Where do I go?
• 2:51
  Speaker 3: So not no, not dissimilar to what you all are doing with BC, you know just helping people with something that is becoming increasingly opaque in the health insurance and Medicare space, and I've always made the joke that you know, the only constant in insurance is change, right, and so that's the one thing you can count on about it is it's going to change in some big way every single year and, uh, you know, many times it's not, uh, benefiting the covered individuals most of the time benefiting the carrier.
• 3:15
  Speaker 3: So, helping people to navigate what that looks like and then really giving advisors an easy out when their clients need help with something like that, being able to help them in a really high impact but low lift fashion for the advisor of hey, we want to, we want to serve, you know, we want to serve your clients really well, just like they're a client of ours.
• 3:33
  Speaker 3: So, um, hopefully that was.
• 3:35
  Speaker 3: I think that was 60 seconds on the nose, peter, I don't know.
• 3:37
  Speaker 3: I'm checking my wall.
• 3:38
  Speaker 2: I love it.
• 3:39
  Speaker 2: I love it.
• 3:40
  Speaker 2: So, um, yeah, our businesses align quite a bit.
• 3:43
  Speaker 2: But before we get into that, how did you even get into the health space?
• 3:48
  Speaker 2: I know we met you when you were with another employer and we actually met you through another fee-only financial planner.
• 3:55
  Speaker 2: So you've been around this space for a few years now, so let's talk about how you got into it.
• 3:59
  Speaker 3: Yeah, of course.
• 4:00
  Speaker 3: So going back, it starts like many things.
• 4:03
  Speaker 3: Brock, peter, I think you guys were friends before you started BC Brokerage, and so it just so happened that one of my close friends, drew Shockley one of my co-founders here at Move, you know, had been in the space since 2008.
• 4:14
  Speaker 3: And we're just we're cut from the same cloth.
• 4:17
  Speaker 3: We got along really well.
• 4:18
  Speaker 3: We had known each other, we both live in Evansville here, and this represents Drew's third startup in the space my first and so that's how I got into it kind of learned under his wing and then operated and worked in a really large agency, working on a national scale, working for a small cap publicly traded company.
• 4:39
  Speaker 3: And we realized that wasn't for us in the long run.
• 4:41
  Speaker 3: And one of the things that we identified during that time and we've been serving financial advisors for a long while but one of the things we identified during that time is that there's a huge market of people that, uh, you know, want to retire and quit their jobs and leave, but health insurance is that one thing that's holding them back and where are they going to get a guidance on that?
• 5:00
  Speaker 3: Well, they're going to their financial advisor and they're saying, hey, how do I do this and the financial advisor is either going I've got a person and they might be okay, or they're they're saying I don't have anything, I don't know how to help you, and so that's, that's ultimately what we're doing, and and kind of how I got into the space.
• 5:16
  Speaker 3: I've been in it for, uh, you know, about five years now, and so, um, you know, we've learned a ton, and, like I said earlier, the only thing that's constant is change in the space, and so it's always constantly learning new things.
• 5:28
  Speaker 1: Yeah, you guys do a good job, man.
• 5:30
  Speaker 1: We've gotten nothing but great feedback from everything that you guys are doing.
• 5:34
  Speaker 1: So for all of you that are listening, it's early in the show to do a plug, but if you do have clients that need health insurance, you need to check them out.
• 5:42
  Speaker 1: How have you guys set up the systems, man?
• 5:46
  Speaker 1: Because it really seems like you guys are really on top of your game.
• 5:49
  Speaker 1: That's always the feedback that I get.
• 5:51
  Speaker 1: I've never heard a bad thing about what you guys are doing so like.
• 5:54
  Speaker 1: How are you creating a process that's so consumer centric and friendly to both the advisor and the client?
• 6:00
  Speaker 3: Yeah it.
• 6:00
  Speaker 3: It goes back to one principle that you know that we have like really taken to heart.
• 6:05
  Speaker 3: So you know our mission make health coverage simple and clear.
• 6:08
  Speaker 3: Breaking down that further like what does that look like from a consumer experience or an advisor experience?
• 6:13
  Speaker 3: Most of the time that comes back to we always say do the common things uncommonly well?
• 6:18
  Speaker 3: You, how do you do the little things so well that people you know can't help but work with you or go elsewhere?
• 6:29
  Speaker 3: Um, you know, and so, from from our perspective, in the insurance space there's there's zero differentiation on on product right.
• 6:36
  Speaker 3: Everybody's got the same product, everybody's got the same rates.
• 6:40
  Speaker 3: You can't get a better rate through move health than you can through going directly to an insurance carrier.
• 6:44
  Speaker 3: The differentiator is experience and the differentiator is like doing the little things really well.
• 6:50
  Speaker 3: Are we like ultra fast?
• 6:52
  Speaker 3: One of the goals that I always have is like someone to send an email to me and me to either be calling them on the phone or emailing them back so fast.
• 6:58
  Speaker 3: They're like holy crap, how'd you do that?
• 7:01
  Speaker 3: Like that was almost superhuman and that's just been instilled to our team and we've made a real commitment to it and it goes back to, like you know the people that we choose to bring on and the DNA of our organization of just like we're going to do the common things uncommonly well and you know a couple of things like we've built some tech to help support that.
• 7:17
  Speaker 3: But we always know, just like you do, in the insurance space, people still want someone to bounce it off of before they make a final buying decision or make a final, you know, uh, selection of a policy or whatever it might be.
• 7:29
  Speaker 3: They still want someone to go hey, that's the right fit, it's the, it looks good.
• 7:33
  Speaker 3: Um, you've got the coverage that you need, You're in a good spot, it's doing all the things that saying it's going to do, Um, if you don't have that you're still kind of shooting in the dark in the insurance space because it's so convoluted, and so that's what I would say is like the process, it's our silver bullet, but it can be anybody's.
• 7:49
  Speaker 3: If you just do the little things really really well and communicate super effectively, the things fall into place.
• 7:55
  Speaker 2: And.
• 7:55
  Speaker 3: I think the other piece is to, that is, just doing business the right way, right?
• 8:00
  Speaker 3: We always like to say that we try to act in using the F word, the fiduciary capacity, as much as possible piece of feedback from us.
• 8:11
  Speaker 3: And so sometimes, uh, probably similar to you all at BC like, sometimes that means not working with us at all.
• 8:16
  Speaker 3: Sometimes I'm like hey, you need to, you need to take Cobra, You've already maxed a deductible this year.
• 8:21
  Speaker 3: Or you need to, um, you know, go onto your spouse's plan.
• 8:24
  Speaker 3: Or hey, shoot, we're not contracted with that carrier.
• 8:26
  Speaker 3: We can give you some information on it.
• 8:27
  Speaker 3: We'd love to point you that direction.
• 8:28
  Speaker 3: So the important things are doing the common things are doing the common, uh, doing the common things uncommonly well and then just doing business the right way.
• 8:35
  Speaker 3: And it's always been our experience that the, the, the business side of it, falls into place for doing those things Right.
• 9:13
  Speaker 2: I love that.
• 9:13
  Speaker 2: So what's like the um overall client experience look like for you guys?
• 9:18
  Speaker 2: Um, you know, uh, advisor fee only planner um identifies that there's a health insurance need of some sort Right, and then I know that it's Drew you and there's a third right.
• 9:30
  Speaker 2: Is it Lydia?
• 9:31
  Speaker 3: Yeah, yeah, so we have several people on our team we're about 10 people now but the experience always from our perspective, always starts whether it's the client or the advisor always starts with education, right, like you can't.
• 9:47
  Speaker 3: You can't possibly enroll into something or choose something if you don't know what you're doing.
• 9:51
  Speaker 3: And most of the time when we're working with a uh, you know a client and you know we serve people in the in the pre 65 individual health insurance space as well as the Medicare space, and so what we know is that you know, most of the time, the clients that we are working with this is the first time that they have ever had to make an insurance decision outside of an employer when it comes to health insurance, right, and so many times we have to start from square one.
• 10:16
  Speaker 3: Hey, here's healthcare 101.
• 10:17
  Speaker 3: Here's what your four or five options are in early retirement for health insurance.
• 10:22
  Speaker 3: Here's how to fill that gap.
• 10:23
  Speaker 3: Here's what Medicare looks like.
• 10:25
  Speaker 3: Here's what A, b and D do, and here's what C is, and here's what you know.
• 10:29
  Speaker 3: A supplement is, et cetera, starting with an explanation and giving them a clear understanding so that they can then make an informed decision right, beyond just saying, hey, this is the right plan for you.
• 10:38
  Speaker 3: You should, you should do this.
• 10:39
  Speaker 3: And then you start to call into question are you, are you doing that because that carrier's paying you a bonus?
• 10:44
  Speaker 3: Are you doing that because you know, because it's the best fit for you?
• 10:48
  Speaker 3: Are you doing that because you know?
• 10:49
  Speaker 3: Whatever other reasons?
• 10:50
  Speaker 3: If we remove that from the equation, we start with education and then, after the education piece, we go hey, now let's do a really thorough needs analysis, right, let's talk about your prescriptions.
• 11:02
  Speaker 3: Let's talk about the doctors you like to see.
• 11:04
  Speaker 3: Do you like to travel?
• 11:05
  Speaker 3: Um, you know, what do you need out of a health care plan?
• 11:07
  Speaker 3: What do you like about what you've got now?
• 11:08
  Speaker 3: What do you not like about it?
• 11:10
  Speaker 3: Um, and then, diving down from that point, what I always say is our team's superpower is being able to take, you know, any given zip code.
• 11:18
  Speaker 3: Going down to that level, there's, you know, a hundred plans available.
• 11:20
  Speaker 3: Being able to take the hundred down to like two, like here's an hsa eligible option and here's one that's not HSA eligible but it's a.
• 11:28
  Speaker 3: It's a better fit for you, right?
• 11:29
  Speaker 3: Um, so, being able to do it that way.
• 11:31
  Speaker 3: So that's kind of that's the, that's the experience, and most of the time with an advisor, we'll say hey, as long as the client's okay with it.
• 11:37
  Speaker 3: We actually want you to engage in that first interaction because, you know, most of the time an advisor leaves that and goes.
• 11:43
  Speaker 3: I learned something.
• 11:44
  Speaker 3: And two, you guys are crushing it right, like you're doing the, you're doing the little things.
• 11:49
  Speaker 3: Well, and it was really, you know, well explained.
• 11:51
  Speaker 3: And you all caught me on a day where I'm wearing a collared shirt, which doesn't happen often, but we were actually just in an advisor's office doing a, a lunch and learn event on Medicare one-on-one, and so I'm all, I'm all Medicare'd out for the day.
• 12:20
  Speaker 3: Well, I can definitely tell you're so passionate about it.
• 12:21
  Speaker 3: You know, and you guys have been growing quickly, I mean what are kind of some like entrepreneurial business things that you've learned just in the short time of Move Health, like maybe some things that, like you underestimated.
• 12:27
  Speaker 3: Or you know marketing, or you know, right, like, I think the way that, um, you know, we stay, we stay passionate about what we're doing is is by seeing the impact right Like there are, um, you guys are fighting the good fight.
• 12:32
  Speaker 3: I think I've said that to Brock before of, like you guys are fighting the good fight in in.
• 12:36
  Speaker 3: You know, there are a lot of people that after they talk with someone who's in the insurance space, they feel like they need to, like, take a towel and wipe the slime off, and so, from our perspective, we're trying to say like, hey, we don't want you to feel that way, we want you to feel even empowered and that you've got the right knowledge to make an informed decision.
• 12:53
  Speaker 3: Brock's laughing, but it's totally true, right.
• 12:56
  Speaker 1: That's why it's so funny.
• 12:57
  Speaker 1: It's because it's so true.
• 12:58
  Speaker 1: It's like I just met with an infinite banker and I need to towel off.
• 13:03
  Speaker 1: Hang on, I need to shower after that conversation.
• 13:07
  Speaker 3: Like that's what keeps us fired up is that there are people that are doing it for maybe, the wrong reasons, and there are other people that I think are doing it for the right reasons but don't have the right tools in their tool belt.
• 13:19
  Speaker 3: And so, from our perspective, being able to have an entire suite of options and just knowing the space really, really well helps us to stay passionate about.
• 13:28
  Speaker 3: You know the way that we always say it is like if, if an advisor or a client is not working with us on their health insurance, for early retirement or for Medicare, like we feel like we're doing them a disservice, and so that's what keeps us fired up about reaching out to people and and making certain that we're like shooting our shot with uh, you know, with partnerships and things along those lines.
• 13:47
  Speaker 3: And so you know, beyond that, as I think about, you know, entrepreneurial things, like things we didn't expect, peter, like I came, you know, previously from an organization that had a.
• 13:55
  Speaker 3: You know we had a design department, we had a legal department, we had a.
• 13:58
  Speaker 3: You know all of these things and so now we still outsource our legal that's a disclaimer, by the way but you know, like design and marketing and strategy and all those things are now in-house and it's fun because we can, you know, kind of choose our own destiny.
• 14:13
  Speaker 3: But at the same point, like I came from an organization where I was like, hey, listen, I need you to do this, this and this.
• 14:19
  Speaker 3: We had project managers that would take it off and run with it and you know, now that's all on us, which is a lot of fun.
• 14:25
  Speaker 3: But I would say that would be one of the things that was kind of unexpected was, you know, when you're an entrepreneur, it's, it's all you think about, like last night.
• 14:33
  Speaker 3: I was watching the, you know.
• 14:34
  Speaker 3: I was watching the NBA uh, you know, nba playoffs and I was like man, I don't need to be watching this.
• 14:39
  Speaker 3: I probably need to be drafting an email right now, or whatever it might be.
• 14:42
  Speaker 3: So you're just constantly thinking about optimization in the business and how you can improve it for clients or for advisors or for our internal team, right Like that's?
• 14:50
  Speaker 3: Another huge piece of the puzzle is making certain our internal team is really happy and well taken care of too.
• 14:57
  Speaker 1: It's a vibe.
• 14:57
  Speaker 1: It's a vibe trying to make sure that the company's functioning well, but you also you got to take care of yourself too.
• 15:03
  Speaker 1: I mean there's two sides to the puzzle, right.
• 15:05
  Speaker 1: Like I always tell people, there's the entrepreneurial thing.
• 15:07
  Speaker 1: It's a beautiful thing, especially when it feels like a real life, breathing business, like when you actually have leads coming in.
• 15:14
  Speaker 1: You're making some money, there's good revenue, but if you don't watch the NBA finals, sometimes you'll go crazy.
• 15:20
  Speaker 1: So it's about striking the balance.
• 15:22
  Speaker 1: I can appreciate where you're coming from, though.
• 15:24
  Speaker 1: Now, who are you predominantly working with?
• 15:32
  Speaker 1: Cause, obviously, we've introduced you to advisors that we work with.
• 15:34
  Speaker 1: I'm sure you have partnerships with other you know um insurance firms out there and different advisors, but who, who is that predominantly?
• 15:38
  Speaker 1: That's kind of bringing these people to you to help.
• 15:40
  Speaker 3: Yeah, good question.
• 15:41
  Speaker 3: So our goal is to work work predominantly with, with forward thinking financial advisors and planners, right?
• 15:47
  Speaker 3: So that's how we source.
• 15:50
  Speaker 3: Any type of client that we work with is sourced through someone who needs to send us a referral, right?
• 15:55
  Speaker 3: So many times that's an advisor that just reactively had a client that was in their office and saying, hey, I'm getting ready to retire, I need to make a health insurance decision.
• 16:06
  Speaker 3: They're like, okay, let me see if I can find somebody, and then we come up in a search or whatever it might be, and they track us down that way.
• 16:12
  Speaker 3: Or they've seen a webinar, or they've seen a really cool podcast called only fee, only um, or whatever it might be.
• 16:17
  Speaker 3: And so they've been um, you know, that's, that's how you probably not dissimilar to what you all are doing we spend probably 80% of our day in advisor education, right?
• 16:34
  Speaker 3: Health insurance, medicare, any type of insurance.
• 16:36
  Speaker 3: It's hard.
• 16:37
  Speaker 3: There's a lot of you know, there's a lot of variables and a lot of things you need to keep an eye out for and something that maybe looks good at face value actually, you know, isn't the right fit and so, and there's and there's usually a real lack of generalities in insurance.
• 16:52
  Speaker 3: You can't, it's not one size fits all, and so we say it depends around here a lot.
• 16:56
  Speaker 3: And so there's.
• 16:58
  Speaker 3: There's oftentimes where an advisor, will, you know, pick up the phone and call me or get my email inbox and say, hey, what's my cost or what's my client's cost on this, and I was like man, I can't even come close to answering that right now.
• 17:09
  Speaker 3: There's so many variables.
• 17:10
  Speaker 3: You need to get connected with a member of the team.
• 17:12
  Speaker 3: They need to walk you through the process, do a needs analysis and most of the time they understand that Some are just looking for a quick hit, like it's 800 bucks a month, and the reality is that doesn't work.
• 17:22
  Speaker 3: And so we have to educate advisors on hey, here's the importance of healthcare planning.
• 17:29
  Speaker 3: It is highly variable and there are so many times where an advisor will say, after we do a little bit of education with them on whether it's advanced premium tax credits on the marketplace or Irma in the Medicare space, and they'll go.
• 17:39
  Speaker 3: That was my fault.
• 17:40
  Speaker 3: My client was telling me they were complaining about their health insurance costs in retirement and I did that because we converted Roth dollars in 22, right, or whatever it might be, and they just didn't know why that was the case until now, and so we spent a lot of time in education, but the folks that we serve are always coming from a forward-thinking financial advisor that is either proactively bringing it up as a part of their planning process or they just had someone that came to them and said, hey, I've got a need for this.
• 18:06
  Speaker 3: Do you have someone in the space?
• 18:09
  Speaker 1: Yeah, yeah, I love that you're not.
• 18:10
  Speaker 1: I mean, I love that it's not a one size fits all too.
• 18:12
  Speaker 1: And it's so funny, man, cause like I, I'm I'm looking at Peter right now Cause we get those questions too, where it's like well, how much would it cost for a doctor that's in his fifties for DI off the top of your head?
• 18:32
  Speaker 1: I'm like dude, one to 3% of income.
• 18:32
  Speaker 1: I could tell you that.
• 18:33
  Speaker 1: But, like, outside of that, there's no way that I can tell you without digging into this situation deeper.
• 18:35
  Speaker 1: Like what would you do in this situation, brock?
• 18:35
  Speaker 1: It's like I mean, like that's a 30 second snapshot.
• 18:36
  Speaker 1: I cannot give you good advice or feel confident in what I'm going to tell you based on trying to understand the situation for 30 seconds.
• 18:43
  Speaker 1: So that's one of my favorite points that you're making here.
• 18:45
  Speaker 1: Man is just, it depends and we say that all the time too is there's no two situations that are alike, and it's not fair to the people that we're trying to help if you're giving them generalized advice right, correct, it's not one size fits all.
• 19:01
  Speaker 3: You can't possibly give someone good information.
• 19:03
  Speaker 3: There was an advisor that we worked with who we've now changed his ways.
• 19:07
  Speaker 3: But there was an advisor that we worked with that said, hey, I got a number from you, cole, three years ago and I've just been adding 5% for inflation on that for all my clients' plans.
• 19:16
  Speaker 3: I'm like, oh boy, please don't tell me that.
• 19:19
  Speaker 3: I know you mean well, you're trying to do the right thing, but not it, don't do that.
• 19:22
  Speaker 3: I was trying to educate him.
• 19:23
  Speaker 3: I was like, no, it not, they're not it.
• 19:24
  Speaker 3: Like, don't do that.
• 19:24
  Speaker 3: I was trying to educate him.
• 19:25
  Speaker 3: I was like, no, it's highly variable.
• 19:26
  Speaker 3: Like here's some, here's some ways that you can get closer to a number.
• 19:29
  Speaker 3: So yeah, it it happens we spend a lot of time in education, for sure.
• 19:38
  Speaker 2: Yeah, yeah.
• 19:38
  Speaker 2: So like what are some of those main education points that you're seeing?
• 19:40
  Speaker 2: You know there's gotta be a lot of common misconceptions that come in the door from both clients and advisors.
• 19:43
  Speaker 2: Like what are some main, just like common problems that you're seeing?
• 19:47
  Speaker 3: Yeah.
• 19:48
  Speaker 3: So it's a loaded question, right?
• 19:50
  Speaker 3: So, um, you know, cause it?
• 19:51
  Speaker 3: It varies by person.
• 19:52
  Speaker 3: You know, in the in the client side of things, we often see well, hey, my, my, my sister did this.
• 19:59
  Speaker 3: She retired two years ago and she's got this health insurance plan and and she loves it.
• 20:01
  Speaker 3: It's working really well for her.
• 20:02
  Speaker 3: We're like well, does, does X, Y and Z ring true for you?
• 20:05
  Speaker 3: And she goes well, no, you go.
• 20:06
  Speaker 3: Okay, well, it likely won't work for you.
• 20:09
  Speaker 3: Or there's a unique situation of why it works for her and not for you.
• 20:13
  Speaker 3: And so there's a lot of times where someone goes I want what they have because they like it and rave about it and think it's great.
• 20:18
  Speaker 3: So that's one that we're up against.
• 20:20
  Speaker 3: The other one, both on the advisor and the client side, when we're talking about pre-65 health insurances, is leveraging advanced premium tax credits.
• 20:27
  Speaker 3: On the marketplace.
• 20:28
  Speaker 3: There's this cool thing the Affordable Care Act that made it possible for the federal government to subsidize health insurance premiums with a private insurance carrier.
• 20:37
  Speaker 3: It's a neat process, but there's a lot of income manipulation that can go into it.
• 20:41
  Speaker 3: You can go super deep on it or you can not go super deep on it and end up blowing up a client's financial plan because you took away their tax credits for the year because of a distribution play or you did some Roth conversions, whatever it might be.
• 20:53
  Speaker 3: So there's a lot when it comes to educating on the impact of healthcare planning, when it comes to how it actually impacts the end user, if you will, the client.
• 21:06
  Speaker 3: We don't get into the weeds a ton with advisors on plan structures or plan details or how it covers this specific prescription drug or anything along those lines, but there's a lot of times where we're just dealing with preconceived notions from both the advisor and the client, where we're trying to say, hey, this is something where you know it's, it's highly dependent upon your, your unique situation, and so that's where a lot of the education lies.
• 21:29
  Speaker 3: I think the other piece is just giving everyone, uh, you know, a high level, 30,000 foot view of of healthcare in America, like how people access it, where they get it from.
• 21:40
  Speaker 3: You know, a lot of people don't know that there's, you know, 12,000 Americans a day are turning 65 and whether they're working past 65 or they're transitioning to Medicare at that time, like there are important decisions to be made at that stage.
• 21:53
  Speaker 3: Um, you know, there's 40 million Americans between the ages of 55 and 64.
• 21:57
  Speaker 3: And a lot of them are having that conversation of hey, um, I, I want to retire but can't because of health insurance.
• 22:02
  Speaker 3: And so we we run into that conversation all the time and I think advisors just don't understand many times the the value that healthcare planning can bring to, uh, you know, to their practice of just saying, hey, listen, my clients need it and they're getting it from somewhere.
• 22:19
  Speaker 3: Right, well, to interject and one add value, but then to also, you know, have a really great partner in the space that can close the feedback loop and is doing the little things well and making certain that my clients are well taken care of, as opposed to being sold something.
• 22:35
  Speaker 3: You know, brock, I think the last one I sent you was like a 19-year-old in a Bugatti or something like that.
• 22:39
  Speaker 1: It was like how old are you?
• 22:40
  Speaker 3: I'm 19.
• 22:41
  Speaker 3: How'd you do this?
• 22:41
  Speaker 3: Selling life insurance to old?
• 22:43
  Speaker 3: People Selling life insurance no, and so from you know, from our perspective it's it's making certain that folks you know the advisors have an understanding of the implications of healthcare planning.
• 22:55
  Speaker 3: And then we, we just do a super deep dive with each individual.
• 22:58
  Speaker 3: Uh, you know client, and so you know those are the types of things that we run into.
• 23:01
  Speaker 3: That's cool, man.
• 23:03
  Speaker 1: I now that we are getting into all of the it depends conversations, I'm going to ask you a more generalized question.
• 23:10
  Speaker 1: That's probably going to be it depends, but I'm still going to ask it because I think probably advisors are wondering and we get this type of question as well.
• 23:16
  Speaker 1: So, from like start to finish Right, and you can give a bandwidth here, obviously, but people are going to want to know.
• 23:23
  Speaker 1: Obviously these are issues that can be time sensitive.
• 23:26
  Speaker 1: The same advisor introduces you to their client they need health insurance.
• 23:31
  Speaker 1: You know how long has it taken them to get on your schedule?
• 23:34
  Speaker 1: Who are they talking to?
• 23:36
  Speaker 1: And then throughout the decision making process, obviously part of that's on the client, right.
• 23:40
  Speaker 1: They have to eventually be able to tell you you know this is what we're going to go with, but what does it look like for you guys as far as like a typical turnaround time?
• 23:48
  Speaker 3: Yeah with, but what does it look like for you guys as far as, like, a typical turnaround time?
• 23:51
  Speaker 3: Yeah, so turnaround time is is pretty quick, like that's.
• 23:53
  Speaker 3: One thing that we pride ourselves on is keeping our.
• 23:53
  Speaker 3: Keeping our team members we call them health plan advisors, the folks that are actually sitting in the seats working with clients directly Um, we purposely keep their calendars as open as possible and so we don't have a ton of internal meetings or a ton of things along those lines.
• 24:04
  Speaker 3: It's, it's, um, you know, making certain that they stay available so that if a client, the drop of a hat, needs some help, um, that we can, we can get to that.
• 24:11
  Speaker 3: Um, you know, to answer the question, it really depends on the client's plan, right?
• 24:15
  Speaker 3: So if somebody's we get everything from somebody who's you know, 18 months out from retirement to, hey, my client just called me, they just had a bad day at work, they're they're pulling the trigger on quitting their job today, we're like, okay, it's good, we can figure it out, right.
• 24:28
  Speaker 3: Uh it can be.
• 24:29
  Speaker 3: It can be as fast as a turnaround like that where we're saying, hey, listen, it's, it's, you know, the middle of the month, we can get you, uh, we can get you into coverage.
• 24:43
  Speaker 3: It starts on June 1st.
• 24:43
  Speaker 3: Um, you know, here's make certain that you uh take place, but we always pride ourselves on making ourselves available.
• 24:49
  Speaker 3: Um, you know, we've got a client success team as well.
• 24:51
  Speaker 3: That's on the backend, that's doing a policy administration, making certain that, um, you know, if we've, if we've gotten needs that are pressing, that we need to go back to the client on with questions or back to the advisor on that, we're asking those questions in a timely manner, and so being able to do that.
• 25:04
  Speaker 3: I think something else that's really important to note about our team is we are a health insurance and Medicare brokerage, meaning that we are compensated at the enterprise level by insurance carriers when policies are placed.
• 25:18
  Speaker 3: One key differentiator about what we do, though, is that our team members that are working with clients directly are not compensated, bonused, commissioned, in any way on the sale of the policy.
• 25:28
  Speaker 1: Right.
• 25:30
  Speaker 3: Hugely important to make certain that the client is getting objective feedback on.
• 25:34
  Speaker 3: Hey, am I, you know?
• 25:35
  Speaker 3: Am I making the right decision?
• 25:36
  Speaker 3: You are Right, I've got no skin in the game either way.
• 25:39
  Speaker 3: Like I'm going to be able to keep my lights on if I sell this, you know if I enroll this policy or not.
• 25:43
  Speaker 3: Um, you know, that was something that was the F word there right Back to the F word.
• 25:48
  Speaker 3: Yeah, using that F word fiduciary as much as we can Right Um, and so that was really important to us as well and making certain that um advisors know that their clients are getting good, objective feedback, and so being able to walk through that process with them can either be you know, it can be really fast to answer your question, brock it can also be you know something where we, we talk about it.
• 26:06
  Speaker 3: We have three or four conversations around it.
• 26:08
  Speaker 3: We, you know um, answer questions.
• 26:11
  Speaker 3: Answer questions.
• 26:11
  Speaker 3: Have a zoom here a phone call here, email exchange, and we're, you know, eight months down the road and they've now got you know their Medicare A and B and we talk about getting them enrolled into their, their supplement or their advantage plan or whatever it might be.
• 26:21
  Speaker 3: So, yeah, no no, that's good.
• 26:23
  Speaker 2: Go ahead, petey, I was going to ask was there, are there any like kind of golden nuggets you wanted to spit out there?
• 26:29
  Speaker 2: Um, before we finished the podcast, like was there anything?
• 26:32
  Speaker 2: Before you came on here that you're thinking, hey, you know what.
• 26:34
  Speaker 2: I want to make sure I get this out there.
• 26:37
  Speaker 3: Yeah, golden nuggets.
• 26:38
  Speaker 3: Um, you know, my mom says that I'm full of them.
• 26:41
  Speaker 3: She says I'm, I'm awesome, I've got a lot of great thoughts.
• 26:44
  Speaker 3: Uh, no, but all jokes aside, she's one of our clients, by the way.
• 26:48
  Speaker 3: So if I trust my own organization, help my own mom, right, but moving away from my mom don't know why I went that direction, but Golden Nuggets, all of that to be said, golden Nuggets.
• 27:03
  Speaker 3: I think the things that I really take away from it is when I look at what you and Brock are building, when I look at what we're building at Move the Golden.
• 27:10
  Speaker 3: The golden nugget I would take away from from any of this is is find people that you know you can trust to make the right decision, um, on behalf of of your clients, right?
• 27:19
  Speaker 3: You're you as an advisor.
• 27:20
  Speaker 3: If I'm talking to an advisor, you, as an advisor, are acting in a fiduciary capacity for your clients.
• 27:24
  Speaker 3: Make certain that you're sending them to someone who's going to give them good, objective, actionable feedback and they're also willing to say, hey, you're not a right fit to work with us.
• 27:33
  Speaker 3: Those are things that are key.
• 27:34
  Speaker 3: Make certain you're working with people you trust and you know.
• 27:37
  Speaker 3: The other thing I think that's important out there is that make certain that you're working with an organization that stands behind what they do after they do it right.
• 27:47
  Speaker 3: Hey, we enacted this game plan.
• 27:49
  Speaker 3: We've got this.
• 27:49
  Speaker 3: You know coverage in place.
• 27:51
  Speaker 3: If you've got questions guess what?
• 27:53
  Speaker 3: You can get a hold of me.
• 27:54
  Speaker 3: I'm going to pick up the phone.
• 27:55
  Speaker 3: I'm going to be there when you need me to.
• 27:56
  Speaker 3: You know we're not going to shy away from challenging situations or unique situations.
• 28:01
  Speaker 3: In fact, we really love engaging in them, right.
• 28:03
  Speaker 3: And so you know, from our perspective, I think those are kind of the golden nuggets is just find people.
• 28:08
  Speaker 3: If you're a fee-only advisor, find people that you know and trust and get to know them well.
• 28:13
  Speaker 3: And then I think the other piece to it is, whether it's healthcare planning or life insurance planning or whatever it might be, make it a proactive part of the process, right.
• 28:23
  Speaker 3: Your clients want it and need it.
• 28:25
  Speaker 3: As we think about health insurance or healthcare planning in particular, there was a study that came out last fall from the Nationwide Retirement Institute that said 72% of clients that were surveyed would leave their financial advisor if they weren't helping them to make healthcare choices in retirement and beyond.
• 28:41
  Speaker 3: Beyond that, that 62% of them are terrified of what healthcare costs are going to do to them in retirement, and so it's important.
• 28:48
  Speaker 3: People need this, they want um, whether they're coming to you as the advisor or not, but I guarantee they're going to be like are you reading my mail?
• 28:55
  Speaker 3: If you go to them and say, hey, we need to talk about health insurance and or and or Medicare or whatever it might be.
• 29:00
  Speaker 3: I know you're thinking about it, but you haven't brought it up to me.
• 29:03
  Speaker 3: I'm happy to help.
• 29:04
  Speaker 3: Got a resource in the space, whatever that looks like, and so that's what we're excited about doing is empowering financial advisors to bring up proactive healthcare planning and then listen.
• 29:14
  Speaker 3: Being able to help consumers make objective and empowered decisions when it comes to their healthcare.
• 29:19
  Speaker 3: Right, because there's a lot of misinformation out there.
• 29:22
  Speaker 3: There's a lot of people that think they know what they're talking about and really don't, and mean well, but just don't have the right information, and so, as I think about golden nuggets, I think it's just fine, fine people that you can plug in with, that, you can vibe with, that, you trust and that you know are going to work in the best, uh, you know, the best interest of of those that you serve.
• 29:40
  Speaker 1: So Cole's mom, if you're listening.
• 29:44
  Speaker 1: You raised a good son and he's full of golden nuggets.
• 29:47
  Speaker 3: You raised a good son and he's full of golden nuggets.
• 29:49
  Speaker 3: I'm sending that to her.
• 29:50
  Speaker 3: She'll love it.
• 29:52
  Speaker 1: For sure, no, man you you always have great things to say.
• 29:55
  Speaker 1: Appreciate that we can trust you, and I know advisors appreciate that.
• 30:02
  Speaker 1: They can trust you and move for people that want to follow along with what you're doing, Cause you put out some good stuff as well.
• 30:04
  Speaker 1: Where where can they follow you on social?
• 30:06
  Speaker 3: Yeah, so they can grab us on.
• 30:07
  Speaker 3: Grab me on LinkedIn.
• 30:08
  Speaker 3: Just our Cole Craven.
• 30:09
  Speaker 3: On LinkedIn it's Robert Cole Craven.
• 30:12
  Speaker 3: It's a family name but I don't go by.
• 30:13
  Speaker 3: I think I'd be a weird Rob.
• 30:14
  Speaker 3: So ask that in, like kindergarten, so you can find me on LinkedIn.
• 30:19
  Speaker 3: That's where you can find myself.
• 30:21
  Speaker 3: You can always find Move Health Partners at movehealthpartnerscom.
• 30:23
  Speaker 3: You know we'd love to have a conversation if we don't know each other yet.
• 30:27
  Speaker 3: Um, and you're not doing healthcare planning or you have a?
• 30:29
  Speaker 3: Uh, you know, I had an advisor recently that was like hey, my person that does health insurance, like they're fine.
• 30:34
  Speaker 3: I was like, okay, like it's, it's fine what you strive to give your advice or your clients.
• 30:38
  Speaker 3: And he goes well, no, I'm like okay, you need, you need somebody better in this space.
• 30:41
  Speaker 3: Like do, and so they can find us on movehealthpartnerscom.
• 30:47
  Speaker 3: We've got some tech that's going to be rolling out in the next couple of weeks which we're really excited about include a referral dashboard, things where they can track client progress through our process, have a client back office, et cetera as well.
• 30:59
  Speaker 3: So we're fired up about what we're doing and I hope that comes through in what we're talking about here, because I see it every day in what you all are doing and what we talked about in Coined is fighting the good fight, making certain we're not those slimy insurance people that we're bringing some integrity.
• 31:12
  Speaker 1: We're the good guys To what we're doing.
• 31:14
  Speaker 3: That's right, that's right.
• 31:15
  Speaker 2: That's right, I love it Cool.
• 31:18
  Speaker 2: Thank you so much for coming on this afternoon.
• 31:20
  Speaker 2: We really appreciate your time.
• 31:21
  Speaker 3: Of course, happy to be here.
• 31:22
  Speaker 3: Thanks, fellas.