When we talk about taking a holistic approach to your wealth management, your health is included in that discussion. Your benefits coverage impacts your financial plan as you grow older. When we break down for you the importance of retirement planning, estate planning, and disability insurance, it is done through the lens of your health. Consulting with us when choosing your benefits is the right move.
Your financial advisor works for you. It’s part of the job description. Financial advisors are legally bound to work in your best interest. Meaning, they solely think about what works best for you. They consider your retirement plan and investment plan with regards to any decisions about your finances, including what benefits are right for you.
An advisor should know your health history. In addition to longevity planning, a health history is important for health care expense planning, long-term care discussions, disability insurance, estate planning, and being able to be ready for potential health emergencies that might occur in your lifetime. The more you talk with your financial advisor about your healthcare, the better they will be able to provide options that better suit your personal and professional needs.
When Open Enrollment approaches, your employer will offer you a chance to enroll in their group health plan. Depending on your circumstances, this may seem like an offer worthy of considering. Consult your financial advisor about this, so that they can ask the right questions. They may even ask some questions you may not have considered.
Did you know that group plans are based on the collective health of the employees? Often, the plan will assume the employees are of bad health, which affects the premiums and monthly paycheck deductions. HSAs (Health Savings Accounts) are a popular option for companies, and they now play a serious role in wealth accumulation. Advisors always discuss the concept of rainy-day funds or emergency funds; HSAs provide just that type of coverage.
A group plan may still be good for you, but it might not be the only plan for you. Your advisor should find the best plan for you and your family. One that considers not only your own personal health, but the health of your financial plan. There is no longer a separation between health coverage and financial planning. It’s all under the same umbrella of wealth management.
Life insurance has always been considered a major part of retirement planning, so financial advisors are usually a part of that decision. It makes sense that advisors should also be consulted when choosing your benefits plan?
CRN202507-3219901