Medical Health and Insurance Advisory
Private Wealth—Management of Health Insurance
Many of our clients ran businesses or their own companies, and as a result had HR departments that handled health insurance. What plan to choose, what deductible makes the most sense, should you use a health savings account, how does Medicaid and Medicare work/relate to the health insurance I choose, etc.? These are all questions that were handled by someone other than the person running the business. But now many of our clients are having to deal with these various issues themselves as they sell or leave the companies. Our clients have dedicated their working years to creating financial security and they do not want an untimely accident or a simple mistake regarding their health insurance to unwind their financial stability.
The arrival of the Affordable Care Act, more commonly known as Obamacare, has frustrated many of our clients as they have had to navigate the health insurance marketplace and state portals to apply for various insurance programs. These portals are complicated, and the benefits of each program become entangled and difficult to understand. To make matters worse, the portals are only open during very specific periods of time, forcing the clients to both be aware of these and have the time to dedicate to this process. The bottom line is that most of our clients want help here!
At Private Wealth we provide just that. Included in our local Circle of Services is our “Medical and Health Insurance Advisory Program.” With this program, we step in and either find or help you manage your existing health insurance including concierge medicine options, what insurance you should choose, what deductibles make sense in your situation, and make sure that your health insurance professionals are considering all options. A great example of choices people may not be aware of is the advent of groups of people who have something in common and have gathered to form co-ops for the purpose of insurance. These larger groups spread the risk compared to individual health insurance and therefore lower the cost of insurance. However, because they're not attached to a corporation that is trying to make money, they often end up saving the insured a great deal of money. While this type of solution is not for every client, it is meant to illustrate the types of health insurance options that are there if someone is pushing your professional to consider all options on your behalf. Perhaps more important, we will be there to help you navigate through all of this and make your decisions clearly without having to try to understand the mountains of data that today's plans want you to personally research on the Internet.
Here's an example of what one of our founding partners accomplished by following this process: One of their clients had left his job and was taking 60 days off before starting a new job. As luck would have it, the client’s son tore his ACL in his left knee a week after the client had resigned from his job. Having not applied for the new insurance or for the continuance of his old insurance the client thought that he would surely have to pay for this $80,000 surgery. Working with insurance professionals, our founding partner was able to have this surgery fully covered by quickly entering a new policy. The health professional understood all of the nuances of the Obamacare legislation and took advantage of a little-known clause in the Obamacare legislation that allows insurance to be purchased after the injury. The client fully acknowledged when the accident happened and was still fully covered. It just took someone pushing for a solution.
Health and Insurance Advisory is just one of the different pieces to our Circle of Services. Each piece complements all of the others so we can have a deep understanding and provide professional advice on all aspects of our clients’ financial lives. That is who we are and what we do at Private Wealth.