PROTECTING HEALTH AND WEALTH
It’s official: Open enrollment season for health insurance is here. Unfortunately, after all these years, the process hasn’t gotten simpler. If anything, it has become even more complex. All the more reason to consider a healthcare advisor to help mitigate the risk of choosing a health plan that protects your health and your wealth.
At this point, you might be thinking, “I thought insurance was supposed to mitigate risk.” Absolutely. But it is also true that not all healthcare policies will cover everything you need. What we’re seeing more of recently is provider complexity. What does that mean? Doctors may accept different plans than their hospitals, and these plans can change yearly. Even more importantly, doctors and hospitals don’t always understand insurance intricacies themselves.
This is where the expertise of a healthcare advisor becomes crucial. A strong understanding of healthcare systems is essential for ensuring clients don’t overpay or miss out on savings opportunities. For instance, one client’s son was prescribed medication costing $9,000 per month. By switching to a different health insurance plan, the advisor was able to get the medication covered, saving the client $108,000 annually.
Just as a wealth advisor or family office helps you navigate the complexities of personal finances; a healthcare advisor can make sure your risk exposure is minimized by providing expert guidance and strategies tailored to your needs. This includes getting families onto high-quality plans, recommending supplemental policies, handling billing conflicts and complexities, negotiating lower prescription costs for you, and mitigating financial risk from coverage gaps.
Finally, if you’re approaching the age for Medicare, it’s essential to get the timing right. Delaying your enrollment in Medicare Part B (which covers medical services) or Medicare Part D (prescription drug coverage) beyond your initial eligibility window could lead to permanent late-enrollment penalties. These penalties can increase your premiums for life, so it's crucial to act promptly and avoid unnecessary long-term costs.
In a world where healthcare and insurance become more complex every year, having a healthcare advisor on your side can make all the difference. Don’t leave your health — and your wealth — to chance.