Unraveling Insurance Complexity
It’s that time of the year again. No, we’re not about holiday coffee drinks, turkey and Black Friday sales, but the open enrollment season for insurance. 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. Moreover, doctors and hospitals change plans each year and more importantly, doctors and hospitals also don’t always understand insurance intricacies.
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 are of age, we recommend applying to Medicare as soon as possible. Delaying enrollment in Medicare Part B or Part D (prescription drug coverage) beyond your initial eligibility window, you might incur late enrollment penalties that could increase your premiums permanently.
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.