Investopedia
The panelists in the "Your Money Your Health: Paying For Healthcare At Every Age" video emphasize the importance of understanding how to pay for healthcare at every stage of life and advocate for a preventative mindset towards healthcare costs. They discuss the need for a healthcare system that prioritizes treating patients and address biases and disparities in healthcare. The panelists stress the importance of prioritizing both financial and health planning for the present and future, including long-term care plans for parents and clients. Overall, they emphasize the need for a culture shift that prioritizes healthcare as a human right.
In this section, the panelists discuss the importance of understanding how to pay for healthcare at different stages of life and the financial implications that come with it. They address the fact that the healthcare system in America is broken and expensive, and that individuals need to learn how to be their own advocates to lower costs. The panelists suggest that individuals become empowered patients, learn how to effectively use health insurance, and plan for healthcare costs in the future, especially as they age. They also encourage individuals to reimagine healthcare stages and shift away from an ageist mindset.
In this section, the speakers discuss the importance of reimagining the way we think about aging and healthcare. They emphasize that people are living longer than ever and starting new careers even in their 70s and 80s, so retirement should not be the end goal that it once was. They suggest that universal healthcare would help increase access to medical care and reduce the fear that many people have about medical bills. They also point out that the business of medicine has gotten in the way of treating patients and that a culture shift is needed to prioritize healthcare as a human right. The conversation ends with a discussion on the top questions asked by the audience about healthcare from a financial perspective.
In this section, financial advisors discuss the importance of including healthcare costs in one’s financial plan, not just for themselves but for their parents and in-laws as well. They highlight the importance of having a preventative mindset, urging people to see healthcare costs as an investment rather than just another debt burden. Access to primary care is crucial, but the United States spends far less than other countries on it, contributing to people delaying medical care until it becomes a bigger problem. To address this issue, people are advised to make sure they go to a doctor early and not to delay medical care.
In this section, the speakers discuss the importance of preventative healthcare and the need to focus on social determinants of health to prevent diseases from occurring in the first place. They touch on the impact of diversity in the population of the United States and the biases and disparities in healthcare. The conversation also emphasizes the need for more health literacy and education on preventative care. The speakers argue that preventative healthcare is like investing in your future, and people need to understand the long-term benefits of it.
In this section, the speakers discuss the anxiety surrounding personal finances during the pandemic. Despite the current economic downturn, Investopedia's anxiety index shows that people are more anxious about their personal finances and the macro economy rather than the market. The pandemic has also caused an increase in mental health conditions, including anxiety and depression, and comorbidities like substance abuse. The speakers predict a significant increase in mental health diagnoses, which insurance companies are already preparing for by gathering data. Overall, planning for the future is difficult amidst overwhelming personal circumstances, and the speakers emphasize the importance of prioritizing both financial and health planning for the present and future.
In this section, a clinician emphasizes the importance of preserving and protecting mental and emotional health during times of uncertainty due to events like the COVID-19 pandemic. The pandemic highlighted how life can be precarious, according to a finance expert, bringing to light how people die unexpectedly and earlier than expected. It emphasizes the importance of coaching people to approach each day as a new one and creating a community of optimism that can help balance work, saving, exercising, and taking care of themselves. Furthermore, financial stability can improve health outcomes, so saving for resiliency is the new focus for people instead of saving for an uncertain future of retirement.
In this section, the editor of Investopedia talks about the importance of holistic planning with a financial planner or advisor as a way to achieve a wealthy life that goes beyond just accumulating wealth. By planning for all aspects of life, people can ensure that their families are healthy and taken care of, and they have a clear idea of how to achieve their goals. Building a robust plan is essential for people to have visibility and take advantage of all the resources available to them, including banked sick days and mental health days, that can help them have a healthier, happier life.
In this section, the panelists discuss how to start your financial wealth profile and information, emphasizing the importance of understanding how much it costs to be the person you want to be, which can be extremely liberating. The idea of retirement has also changed dramatically over the past 10 to 15 years, and therefore, the answers to questions about retirement planning and healthcare will be different. The panelists also share their advice on promoting disease prevention and health optimization with tips that include living in love and joy, counting down the hours to live a happy and healthy life, practicing gratitude and service, and doing things that are outside of ourselves.
In this section, the question of whether there are existing channels for individuals to get better health insurance by teaming up with others who may work in a different sector is discussed. While there are more nuanced hybrid insurance plans available, health care costs are going up and wages are not keeping up, making it challenging for people to afford private health insurance, whether they work for a big corporation or not. Other investment vehicles such as retirement and health savings accounts (HSA) are encouraged as they allow individuals to put their money to work and generate returns, thus making healthcare more affordable. The discussion also touched upon the volatile long-term care insurance environment, with experts advising people to create long-term care plans to reduce costs.
In this section, the experts recommend planning for long-term care insurance in your 60s if you can afford it. It's also crucial to get expert help in making financial decisions that are best for you. The speaker suggests taking the time to plan long-term care for parents and have those tough conversations early on, before cognitive decline sets in. The experts advise having Financial transparency throughout life and creating long-term care plans for clients as early as their late 50s/early 60s, covering will advance directives, transportation, enjoyment, room, and board.
No videos found.
No related videos found.
No music found.