“Health is Wealth” – An age old wisdom that has been communicated and repeated by a lot of wise people. Most of us tend to agree, when asked. However, what is more important is do we really take this advice seriously or just pay it lip service.
Each one of us has our own way of adopting this knowledge in our daily life. Some will change their lifestyle by working out, changing food habits, spending more time outdoors, etc. Most consumers do not recognize the value of saving money for health care until they run into a tough situation. For example, Cancer may lead to a procedure with a $5000 deductible every year for several years, unplanned hip replacement may have a $5000 deductible, Child birth may have a $4000 deductible. Any unexpected expense may cause a lot of hardship while you are trying to take care of your family, pay your mortgage, save for education, etc. A lot of people have to change their lifestyle in retirement because there is not enough money to pay for Medicare premiums and deductibles. In America, the leading cause of bankruptcy is unplanned healthcare expenses.
These situations can be avoided by planning for health care expenses. If we are really serious about health then we have to make sure that we set aside enough wealth to take care of our health, & to meet health care expenses before and after retirement. This may seem like a reasonable conclusion? Not really.
I asked the question to financial planners, “Are you setting aside some part of wealth for your clients to take care of their health expenses”? The majority of them did not know how to do it. Financial planners did not know, what is the reasonable amount to set aside for health purposes. I can not blame them. Good tools, solutions, and clear guidelines do not exist today in the market to help financial planners. While this is the state of affairs with financial planners, you can imagine how hard it is for the average consumer to do any financial planning to take care of their health. You may not even know that it may be better to use Health Saving Account (HSA) rather then 401K account, to save money for your health care expenses.
The wait is over.
AivantePlan is a easy to use mobile application from AivanteSolutions (www.dzeesolutions.com) that will soon be available for consumers and financial planners to plan their healthcare expenses. Once the plan is established, a consumer can do a sanity check every year on their health care financial plan using a simple Mobile application. Financial planners can incorporate this valuable information into their overall financial plan.
Aivante Health Solutions will be working with Non profit organizations focused on consumer education on healthcare (Like CIVHC colorado), Financial Planners and Asset managers (Like Wells Fargo, Charles Schwab, J P Morgan, and regional banks), and small, medium and large business to educate and help plan for healthcare expense planning. A kickstarted campaign is coming soon as well.
We may all agree that Health is Wealth, AivantePlan helps you make it actionable.