Mitigating Risk in Healthcare
In the ever-evolving world of healthcare, managing risks is paramount. Ensuring the well-being of individuals and their families while protecting their financial stability requires a multifaceted strategy. Here are some of the strategies Wellworth utilizes to mitigate risk effectively:
The Power of the Right Health Insurance
One of the most critical aspects of risk management in healthcare is having the right health insurance coverage and supplements. This not only safeguards your health but also your finances. For instance, advising clients to invest in travel health insurance, which costs a fraction of potential medical transfer expenses, can save them from a significant financial burden. Taking preventive measures can mean the difference between a few hundred dollars and $80,000 to $100,000 in medical bills.’
Navigating Expensive Billing Issues
Negotiating expensive medical billing matters is an essential part of risk mitigation. Unexpectedly high medical bills can strain finances, and addressing these issues can help alleviate the financial burden on individuals and their families.
Coordinating An Approach To Lifestyle
A wealth advisor might predict certain expenses when it comes to forecasting a client’s future needs, while their healthcare providers might plan for an entirely different scenario. All the while, the family and adult children may be contemplating a different path. We frequently encounter this complex situation, especially when seniors require care. It's not uncommon for adult children to assume that their parents will receive care at home, while the wealth advisor may anticipate a move to assisted living, and the parents themselves may have conflicting views. Having an objective view into your situation can help you better plan for the future and help mitigate risk, both in terms of health and wealth.
Crafting a Comprehensive Care Plan
A comprehensive care plan that includes both treatment and cost considerations is vital. Partnering with a wealth team can help identify potential unfunded liabilities and devise strategies to ensure they are adequately covered. Knowing the cost implications of healthcare services, including aging care costs, is essential for planning and risk mitigation.
Ensuring the Right Doctors and Hospitals
Having the right doctors and hospitals in your health insurance plan can prevent unwelcome surprises. It's not uncommon for people to discover that the medical facility they had in mind is not covered by their insurance plan. We have had clients who thought that the Mayo Clinic or Johns Hopkins was covered under their healthcare insurance plan—the systems were, but not necessarily the treatment they wanted. Ensuring network compatibility can avert such setbacks and financial risks. Besides the right coverage, it’s critical that you are seeing the right doctors. We spoke to an elderly client the other day who receives care from a physician assistant. This is a risk. The client should be seeing a top geriatrician who specializes in care for seniors.
Knowing The Cost Of Care
Most people do not know the cost of a hospital stay or the treatment of a specialist provider. But we do. This knowledge allows us to make informed decisions. We can create a plan so an unfunded liability such as aging care gets covered.
Preventing Ineffective Care
Mitigating risk also involves ensuring that individuals do not receive ineffective or unproven treatments. Protecting against "snake oil" remedies means making informed, evidence-based decisions about healthcare options.
Addressing All Medical Needs
Healthcare should be approached holistically, considering various aspects of well-being. This includes addressing sleep, mental health, nutrition, and more. Viewing healthcare in this way allows for the identification and mitigation of previously undiscovered risks.
Safety At Home
Risk mitigation extends beyond the clinical setting to the living environment. Evaluating the safety of a senior's home, for example, can help prevent accidents and improve overall well-being.
Legal Preparedness
Reviewing the accuracy of medical power of attorney and other health-related legal documents is critical. Ensuring that these documents accurately reflect an individual's wishes and legal standing is a key aspect of risk management in healthcare.
In summary, mitigating risk in healthcare is a comprehensive endeavor that takes not only medical care into consideration but also financial, legal, and lifestyle issues. By adopting a proactive approach, you and your family can safeguard health and financial well-being. Trust us to provide the support and expertise you need to manage these risks effectively.
We help individuals and families make smarter healthcare choices to mitigate risk. With nearly 100 years of combined patient care experience, our multidisciplinary team provides top-tier guidance and support, covering physical and behavioral health, addiction treatment, and insurance.
We offer consultative and advisory services in 50-hour retainers for family offices and 12-hour retainers for individuals and families. To learn more, contact us at insights@wellworthadvisors.com or (646) 883-9717.