Private Wealth Manager – Planning for Wealth and Health
What is the Connection Between Wealth and Health?
Table of Contents
Share This Article
Categories
Top Blogs
Recent Post
The Disparity in Health Outcomes
Family Incomes and Health
$35,000 Per Year | Over $100,000 Per Year |
28% described being in good health | 45% described being in excellent health |
13% described being in fair health | 35% described being in very good health |
5% described being in poor health | 0.7% described being in poor health |
Delaying Medical Care Because of Costs
Rising Costs are Thrusting the Private Wealth Manager into Health Care
The Costs of Aging
Baby Boomer Health Care
80% are Concerned with Health Care Costs
Predicting Health Care Costs
How Can a Private Wealth Manager Integrate Health Care Planning?
Paying for Nursing Home Costs
Fewer Employers Provide Comprehensive Health Care Plans
- Debit cards for out-of-pocket medical payments that include rewards programs
- Credit cards that have health records electronically embedded to make the process of seeking medical care and paying for it or submitting an insurance claim much easier
- Health plan credit-cards with health-related reward programs
- Tax-advantaged savings plans designed specifically for unplanned medical expenses such as heart transplant or emergency surgery
- Specific loans to cover out-of-pocket medical expenses and elective procedures
- Health benefit packages for retirement
- Life insurance that is flexible and can be used as health insurance, long-term insurance, and a death benefit
- Tools that help provide consumers with health advice, calculate costs, ensure the quality of the provider and the procedures, etc.
The Alliance Between a Private Wealth Manager and a Health Care Provider
Real-World Example
Creating the Strategic Alliance
Typically, a private wealth manager will reach out to health advisors as resources for their clients. Waldron created a strategic alliance with PinnacleCare, a private bespoke health care advisory firm that helps clients find the best expert medical opinions and research and offers privileged access to the best health care specialists.​​​6Â
Bespoke Services
For a client facing a medical crisis, the kind of service that PinnacleCare and other health care advisory’s offer can be a matter of life or death. Without these kinds of bespoke services, clients may not be able to get appointments with the best specialists in their field and may suffer as a result.
Holistic Wellbeing
For Waldron, when he works with clients he takes a holistic approach to their financial wellbeing. If his client has medical issues or foresees having medical issues, Waldron forms strategic alliances with health care providers that allow his clients to have a third-party that is focusing on their health and their health only. From gathering medical records to identifying the best specialists and best care in the area, the health advisory service has the clients personalized needs as a top priority.
Advantages of Wealth Management and Health Care Integration
Creating a Realistic Wealth Management Plan
Mutually Beneficial Partnership
What Should a Private Wealth Manager Look for in a Health Care Partner?
- Bespoke services
- Comprehensive evaluations
- Luxury facilities
- Care coordinations services
- Clinical integration
- Partnership developing
- Policy advisory
- Fast access to medical services
- Access to top specialists/fast referrals
- Access to expert medical opinions
- Universal medical records
Resources
- https://www.urban.org/sites/default/files/publication/49116/2000178-How-are-Income-and-Wealth-Linked-to-Health-and-Longevity.pdf
- https://ftp.cdc.gov/pub/Health_Statistics/NCHS/NHIS/SHS/2018_SHS_Table_P-1.pdf
- https://www.pgpf.org/blog/2019/05/healthcare-costs-for-americans-projected-to-grow-at-an-alarmingly-high-rate#:~:text=Healthcare%20Costs%20Continue%20to%20Rise,to%20%246%20trillion%20by%202027
- https://www.morganstanley.com/ideas/healthcare-costs
- https://www.rbcwealthmanagement.com/_us/static/documents/insights/taking-control-of-health-care-in-retirement.pdf
- https://www.wealthmanagement.com/retirement-planning/building-health-care-advisory-services-your-practice
- https://www.strategy-business.com/article/07201?gko=32b58