As a business owner, a big part of your success relies on you remaining physically and cognitively healthy. Your company probably runs most effectively when you’re actively involved. In addition to exercising, eating right and managing stress, have you considered working with a concierge medical provider? Concierge doctors are more readily accessible—and often offer more custom health services—than your average physician. Working with a concierge physician could be one of the smartest indirect investments you can make in your business.
RegentAtlantic has recently had some enlightening discussions recently with a health expert who runs a concierge medical practice. We see a lot of good reasons a business owner might benefit from seeing a concierge doctor.
What is Concierge Medicine?
Patients who work with a concierge doctor pay an annual membership fee—often in the $1,500 to $5,000 range—for all-inclusive primary health care. This membership fee is separate from your regular health insurance premiums. In return for your fee, you get quick (often same-day), personalized access to your doctor. You may also get more customized, preventive health assessments and treatments from a concierge physician than you would from a “regular” physician.
Concierge physicians are usually able to offer this kind of personalized care because they limit their practice to a very small number of “member” patients.
Benefits of Concierge Care
There are several reasons a business owner might consider paying extra for this type of health care access, including:
Shorter (or no) wait: Patients in a concierge practice typically can call their doctor’s office and get a same- or next-day appointment. The faster you can get care, the faster you may be back at work. Your families typically get this same type of “ASAP care.”
Personalized attention: Most concierge physicians don’t just treat you when you’re sick. Instead, they also run a number of preventive health assessments and genetic tests when you’re healthy. The goal: to find out whether you have biomarkers indicating that you’re at high risk for cancer, vascular disease and other conditions. Your doctor can use that information to help you stay healthier longer.
Expert research: If you develop a serious health condition, your concierge physician may do exhaustive medical research on your behalf. As a result, you could end up trying new drug protocols or getting cutting-edge medical treatment in other parts of the world.
What impact does your medical health have on your finances?
Actually, quite a lot. The proactive care you get through a concierge doctor may keep you healthy, mentally sharp and active for a longer-than-average period of time. If you live longer, you’ll probably remain involved in your company longer. In turn, you may stay more actively involved in managing your money and could significantly increase your family’s wealth.
As a result, your Wealth Advisor may need to work with you on a few new financial assumptions. For instance, we may want to:
Update your financial plan to assume a longer life: Many plans assume that U.S. men will live (on average) to age 91 and that women will live to age 93. However, extraordinarily health individuals may live a decade longer than average. We may want to rework your plan to ensure that your money lasts longer, too.
Budget for higher, ongoing health-related fees: At the very least, we would need to add your annual concierge membership fee to your cost-flow analysis. In addition, though, we may stress test your plan for higher medical and travel costs down the road. For instance, what if you needed experimental treatments overseas.
Assume more unreimbursed medical costs: A concierge doctor may order tests and screenings that your regular health insurance doesn’t consider “routine” and therefore won’t cover. In addition, you may get treatment from some of the top specialists in the world. Chances are good that they won’t belong to your insurer’s preferred provider network. You’ll need to budget to pay extra—or completely out of pocket—for specialty medical services.
Interested in learning more about concierge medicine or finding a concierge doctor near you? Check out sites like MDVIP or the American Academy of Private Physicians (AAPP).
To talk about how concierge medicine, your health and your RegentAtlantic financial plan intersect, contact me anytime.
Important disclosure information
Please remember that different types of investments involve varying degrees of risk, including the loss of money invested. Past performance may not be indicative of future results. Therefore, it should not be assumed that future performance of any specific investment or investment strategy, including the investments or investment strategies recommended or undertaken by RegentAtlantic Capital, LLC (“RegentAtlantic”) will be profitable.
Please remember to contact RegentAtlantic if there are any changes in your personal or financial situation or investment objectives for the purpose of reviewing our previous recommendations and services, or if you wish to impose, add, or modify any reasonable restrictions to our investment management services. A copy of our current written disclosure statement discussing our advisory services and fees is available for your review upon request.
This article is not a substitute for personalized advice from RegentAtlantic. This article is current only as of the date on which it was sent. The statements and opinions expressed are, however, subject to change without notice based on market and other conditions and may differ from opinions expressed in other businesses and activities of RegentAtlantic. Descriptions of RegentAtlantic’s process and strategies are based on general practice and we may make exceptions in specific cases.
RegentAtlantic does not provide legal or tax advice. Please consult with a legal and or tax professional of your choosing prior to implementing any of the strategies discussed in this article.