You know your healthcare system is expensive when even the wealthiest families are afraid they can't pay their bills. Of late, such families are turning to financial advisers to help them cope with healthcare expenses, including evaluating care options, looking at their insurance options and handling insurance claims.
According to the Wall Street Journal, financial services providers catering to the wealth management market--such as trust companies, family offices and private banks--are helping their clients cope with the same problems dogging the middle class. For example, at Bessemer Trust, advisers are guiding clients on how to find health coverage for children graduating from college or for early retirees who aren't yet eligible for Medicare.
The families also want to know when and how to use Medicare benefits. At Wells Fargo, they've contracted with an outside firm to help wealthy clients cope with claims issues like how to handle Medicare and supplemental coverage, as well as make sure that benefits are coordinated between Medicare and other health plans, the Journal reports.
To learn more about this trend:
- read this Wall Street Journal item