INTEGRATING HEALTH INTO FINANCIAL PLANNING

At the Future Proof conference, where I recently spoke, I was asked about the role of wealth advisors as it relates to healthcare. Wealth advisors play a crucial role in managing finances and supporting clients’ overall well-being, including their healthcare needs. Given the complexities of healthcare, especially as clients age or face health challenges, it is essential to incorporate healthcare advisory into financial planning. Advisors can provide this support through four key areas:

1. Budgeting and planning for healthcare advisory

Allocating funds annually for healthcare advisory is essential, as unexpected medical expenses can arise even in good health. Setting aside a budget for healthcare advisory prepares clients to manage health issues, from seeking expert advice to covering treatments, or planning long-term care. This proactive approach prevents financial stress during crises and makes healthcare planning a key part of a comprehensive financial strategy.

2. Identifying when a client needs a referral

Advisors often spot when clients need specialized healthcare advice, noticing signs like behavioral changes, rising medical costs, or health concerns. Tools like a “When to Refer” guide help identify triggers such as cognitive decline, mental health issues or life transitions. The underlying issues are often hard to identify, and an experienced health advisor can assist. Early recognition allows timely referrals to ensure clients receive appropriate care before problems escalate.

3. Referring to an unbiased and trusted source

Referring clients to a trusted, unbiased healthcare advisor is essential when specialized care is needed. A well-chosen advisor provides objective, personalized guidance aligned with clients’ financial and health goals. Advisors should maintain a vetted network of healthcare professionals to ensure comprehensive support focused on client well-being.

4. Following up to ensure continuity of care

The advisor’s role extends beyond referral. Regular follow-ups ensure the care plan is on track and address any new concerns or adjustments. Ongoing communication keeps financial and healthcare needs aligned, demonstrating a commitment to long-term support. A law firm we partnered with had been referring clients to a homecare agency, but concerns arose about the high cost of care. Once Wellworth got involved, we identified that this agency only supplied nurses which drove up costs. By recommending an agency that supplied both aides and nurses, we reduced costs significantly.