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John Samuels is the Founder and Chief Executive Officer of Wellworth, a NYC-based national healthcare advisory firm that advises family offices and their clients on healthcare issues.
Attaining and preserving generational wealth go hand in hand with managing generational health. Just as financial advisors play a critical role in safeguarding and growing a centi-millionaire family's wealth, expert health advisors are essential in ensuring that their health needs are met comprehensively and effectively. There are seven crucial actions that family offices can employ to support generational health, from evaluating health insurance plans and assessing healthcare delivery to planning for significant healthcare expenses and integrating preventive care. By prioritizing the health of every family member and their support network, family offices can ensure that the well-being of their clients is maintained across generations.
Ensure everyone in the family has the right doctors, healthcare providers, and programs. This involves understanding each family member’s needs and concerns. It also includes evaluating proposed healthcare professionals in terms of their availability, communication style, and expertise, reviewing each professional’s background, research, and patient reviews, and checking their affiliations with major medical centers and acceptance of health insurance.
Health insurance coverage varies based on how the family is covered and the specifics of their plan. Ultra-high-net-worth families may make unintentional errors such as choosing a plan that doesn’t match their unique needs, having a concierge doctor but neglecting other medical needs, or selecting a plan with unnecessary coverage or one that provides inadequate insurance for staff or family members. To address these issues, consult an independent expert to evaluate the current plan, review how the family and its staff use their coverage, and reassess coverage annually.
Include healthcare and long-term care costs in the family’s wealth plan. Consider the possibility of major surgeries and rehabilitation, long-term requirements such as home care and assisted living, and mental health and substance abuse treatment. Planning for expected expenses will help manage unexpected healthcare challenges.
Ensure that the entire family, from children to elders, receives excellent care. This includes checking in on the family’s support team to address their healthcare needs. Taking care of the family includes taking care of everyone who keeps their lives running smoothly.
Preventive care is crucial for long-term health. Encourage regular medical check-ups, even for busy family members. Keeping up with preventive care and routine tests is essential because catching an illness early increases the odds of successful treatment.
Prepare for medical emergencies during travel. Consider a medical transport policy to ensure access to necessary care in an emergency and avoid high out-of-pocket costs. Ensure that medical documents, such as a healthcare proxy and advance directive, are in place before traveling.
Health advisors provide comprehensive support, coordinating every aspect of a family’s healthcare. They attend appointments in person or virtually, help select the right health insurance, offer guidance on treatment decisions, manage communication between doctors, plan for future healthcare costs, and alert families to potential healthcare scams.
Consider referring a client to a health advisor if any family member is experiencing mental health issues or significant changes in behavior or struggling with a new diagnosis or chronic illness. A professional health advisor can assist a client who is arranging substance abuse treatment or mental health support, experiencing frustration with the healthcare system, asking questions about health insurance, appearing concerned about aging family members, or looking for help with health-related expenses.
Don’t shy away from the topic of health issues. Addressing potential concerns early is crucial. Connect the family to trusted resources and follow up to ensure they receive the necessary support. By integrating these steps, family offices can ensure comprehensive health management that supports generational wealth and well-being.
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