Health & Wealth

Many of us have wealth managers who handle our finances and lawyers who handle our legal affairs, but few of us have health advisors to manage our healthcare. Because of the complexity of the healthcare system and the associated financial risks, health advisors work in conjunction with your other advisors to plan, manage, and support medical issues.

We have developed a simple guide for advisors to know when to refer a client to a health advisor.

To help ensure financial well-being in the future, it’s important to invest in your healthcare. A smart investment is to hire an expert, as the cost of poor health management or a poor decision can be significant.

A health advisor takes a holistic view and analyzes all areas of your health ― your provider team, your insurance plan and what’s happening medically ― and creates a custom plan to help manage your care, from emergencies and urgent care to medical records and wellness goals.

Wellness management and navigating the healthcare system are vital to good health AND wealth. Here are five health-related things you can do to support your future health and wealth:

1. Prevention, prevention, prevention. Engaging in preventive care now can lead to payoffs in later life. Exercising and eating healthy will decrease future medical costs.
2. Find a good insurance plan. Devote ample time to picking an insurance plan that’s right for you. If you pick a plan with poor coverage or that doesn’t cover your specific needs, it can create a disincentive for seeking care or leave you in a financial hole.
3. See your PCP. Your primary care provider can manage your care, helping you avoid unnecessary or duplicate services.
4. 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 these arrangements.
5. Plan for the worst-case scenario. Did you know that 1 in 30 vacations end in a medical emergency? If you’re planning to travel internationally, consider getting a policy such as Medjet to ensure you’re covered in an emergency and thus avoid high out-of-pocket costs.