Health and Wealth: How Managing Risk Makes a Difference
The recent stock market downturn has been stressful for many people. Is it taking a toll on your health?
When the stock market falls, investors don't just notice the change in their personal stock portfolios — they often feel the effects in their bodies.
If you're anxious or stressed about the recent stock market downturn and rising inflation, pay attention to those feelings. Health and wealth are closely linked, and by planning ahead, you can manage the associated risks more effectively.
5 Ways to Support Your Health and Wealth
Take these five health-related actions to improve your health and wealth, now and in the future:
- Prevention, prevention, prevention. Engaging in preventive care now can lead to payoffs in later life. Exercise, eat right, and get enough sleep — it makes a difference. Be sure you’re addressing your mental health needs, too. (See our previous posts for tips on how to manage anxiety and lower your stress level.) Taking good care of yourself today is likely to decrease your future medical costs.
- Find a good insurance plan. Make sure your insurance plan is right for you. If you pick a plan with poor coverage or that doesn’t cover your specific needs, you may avoid or postpone care. Delaying care makes health problems worse, and the wrong insurance can leave you in a financial hole.
- Make an appointment with your PCP. Your primary care provider looks at your overall health, and can help you avoid unnecessary or duplicate services.
- Get your legal affairs in order. Do you have a healthcare proxy? What about an advance directive? Don’t wait until you’re sick to make sure you have your medical documents in place. If an emergency arises, it may be too late to make the necessary arrangements.
- Plan for the worst-case scenario. Medical emergencies can happen anywhere and at any time. If you’re planning to travel internationally, consider getting a medical transport policy such as Medjet to ensure that in an emergency, you can access the care you need and avoid high out-of-pocket costs.
Have Expert Health & Wealth Advisors in Place
While the above list will get you started, remember that you don’t have to go through any of this alone. With both health and wealth, it makes sense to rely on experts for guidance through turbulent times.
Wealth advisors analyze portfolios, study the financial market, and forecast risk. They leverage their network of experts to develop a plan, and over time, they make adjustments to the plan and amend financial projections.
Health advisors take a holistic perspective and analyze all aspects of your health ― your provider team, your insurance plan and what’s happening medically ― and create a custom plan to help manage your care, from emergencies and urgent care to medical records and wellness goals.
For example, health advisors are able to provide valuable support in emergencies, because they work with the family in advance to create a well thought-out emergency plan. Often, when a patient goes to the Emergency Room, a health advisor is behind the scenes steering care: advising the family on where to go, relaying key medical information, talking with providers, and communicating with loved ones every step of the way so that their questions are answered.
Your advisors can work together to meet your needs. Because of the complexity of the healthcare system and the associated financial risks, health advisors work in conjunction with other advisors to support people experiencing medical issues.
If you or someone you love is coping with a new diagnosis, struggling with a chronic health condition, or needs support maintaining their good health, reach out to an expert health advisor.