LLH Newsmakers: Dr. Paul Fronstin on Senior Wealth Management

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In this segment of Life Love & Health: Special Edition Newsmakers, Executive Producer Christopher Springmann talks with Dr. Paul Fronstin, Health Research and Education Program Director for EBRI, the Employee Benefit Research Institute. Dr. Fronstin addresses the increasing importance of wealth management as America’s population ages, lives longer and faces increasing health care needs — and costs. People are already worrying (or should be worrying) whether they will outlive their ability to maintain an attractive quality of life, or be able to balance their health and wealth needs as they get older. ERBI recently issued a report called “Funding Savings Needed for Health Expenses for Persons Eligible for Medicare,” and Dr. Fronstin explains why. “What we’ve tried to do,” he says, “is give people a sense of the kind of money they’re going to need when they turn 65 to cover their health expenses in retirement, where health expenses are defined as both premiums and out-of-pocket expenses. Keep in mind, Medicare only covers between one-half and two-thirds of your expenses on average. So as a result, people buy some type of supplemental policy, either a Medi-gap policy or Medicare Advantage plan or Medicare Part D, which covers outpatient prescription drugs, or some combination of the three to cover their out-of-pocket expenses. Those plans don’t necessarily cover all of your out-of-pocket expenses, which will almost certainly add up to a lot of money over the course of somebody’s retirement.”

More about Paul Fronstin
Dr. Paul Fronstin, Ph.D. is the Director of the Health Research & Education Program at Employee Benefit Research Institute in Washington, DC. EBRI is a private, nonprofit, nonpartisan organization committed to original public policy research and education on economic security and employee benefits. Dr. Fronstin is a senior research associate and also oversees the Center for Research on Health Benefits Innovation. He has been with EBRI since 1993. His research interests include trends in employment-based health benefits, consumer-driven health benefits, the uninsured, retiree health benefits, employee benefits and taxation, and public opinion about health benefits and health care. In 2010, Dr. Fronstin was appointed to the Institute of Medicine (IOM) Committee on Determination of Essential Health Benefits. He currently serves on the steering committee for the Emeriti Retirement Health Program. He is also the associate editor of Benefits Quarterly. In 2002 he served on the Maryland State Planning Grant Health Care Coverage Workgroup. In 2001, he served on the Institute of Medicine Subcommittee on the Status of the Uninsured. Dr. Fronstin earned his Bachelor of Science degree from SUNY Binghamton and his Ph.D. in economics from the University of Miami. He can be reached at fronstin@ebri.org.

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About Christopher Springmann

Christopher Springmann is Executive Producer and Senior Correspondent of Life, Love and Health, the award-winning health and wellness program that reaches millions daily on multiple news, talk and sports channels including Sirius XM, CNN, FOX, NPR affiliates, American Forces Network, and HealthRadio.net.

Life, Love and Health is also Mr. Springmann’s latest endeavor in a journey of “creative convergence” that started as a photographer for Time, Fortune, National Geographic and Smithsonian magazines. He moved into writing leadership profiles for Chief Executive and California CEO magazines, which in turn provided the inspiration for creating Life, Love and Health: to fulfill the unmet need of telling America’s health story. Mr. Springmann meets this need in entertaining and emotionally engaging ways, with the authentic voices of real people, including a diverse group of doctors and nurses, patients and their families, plus researchers and innovators in the health-and-wellness field. He relies on the credibility and persuasiveness of people’s passionate storytelling to get the point across. People identify with the experiences of others and are encouraged to take positive, attainable actions to improve their personal and family health.

Christopher is also the Host of Life, Love and Health on WomensRadio. Life, Love and Health seeks to ultimately make a difference in people’s lives by encouraging individuals to take positive, attainable actions to improve their personal and family health.