What advisors need to know about the rising costs of health insurance

As U.S. healthcare costs continue to spiral, financial advisors are scrambling to protect their clients' retirement outlooks. In response, wealth advisors are partnering with third parties for health insurance advice, suggesting clients shop around for Medicare drug plans and rearranging portfolios to qualify for subsidies to help mitigate healthcare costs. READ MORE: Retiree health costs spike 7.5% in latest estimate from FidelityAccounting for volatilityBecause of constant health insurance and healthcare cost changes, Newman said his firm has partnered with third parties that specialize in health insurance and Medicare. Last week, the Trump administration ended a subsidy program that helped keep Medicare Part D drug costs affordable, further increasing retirees' healthcare costs. Insurance used to be something that covered most of clients' health needs, Newman said.