Health Care Planning and Wealth Planning Go Hand-In-Hand

Contributed by: Sandra Adams, CFP® Sandy Adams

If you’re approaching or in retirement, the importance of wealth planning is well known. Working with a professional advisor to plan retirement cash flow, manage investments, review taxes, estate planning and insurance on a regular basis is core to financial success. What might not be so obvious is that managing your health care is another key component to long-term financial success.

According to 2014 statistics reported by Fidelity®, a couple age 65 can expect to spend over $220k on health care during their lifetimes (a chronic illness can add significantly to this cost). The better your health, the lower these costs might be, which can significantly reduce the risks to your financial bottom line.

Working with a financial planner and a full wealth care team (including your CPA and estate planning attorney) is important to manage your wealth. But, what can you do to manage your health when the health care system is changing on a daily basis?

See Your Physician Regularly -- Get regular check-ups, keep up with recommended testing. As you get older, consider having a full geriatric assessment to set a baseline for your physical, cognitive and psychological health. Catching any abnormalities early provides options for treatments and cures.

Exercise Often and Eat Right -- Regular exercise and a healthy diet have been shown to improve physical and cognitive health, reducing costs for doctor visits, medications, and other expenses.

Consider hiring a Health Care Concierge service – A Health Care Concierge is partner in managing your health, similar to the way a financial planner helps you manage your wealth.  Services include health and nutrition coaching, coordination of care (finding you the right doctors, making appointments, storing your medical records and having them reviewed by concierge physicians), and advocating on your behalf for appropriate care and billing. Total Life Concierge in Troy, Michigan, is a local and emerging partner in this field -- check them out at

Managing your wealth and your health in tandem gives you the best chance of financial success. Talk to your financial advisor today about who you can add to your professional team to make you successful in all aspects of your life.

Sandra Adams, CFP® is a Partner and Financial Planner at Center for Financial Planning, Inc. Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. In 2012-2014 Sandy has been named to the Five Star Wealth Managers list in Detroit Hour magazine. In addition to her frequent contributions to Money Centered, she is regularly quoted in national media publications such as The Wall Street Journal, Research Magazine and Journal of Financial Planning.

Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.

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