Real Wealth is Health
I wish aging was a fad, like being able to say “today I’ll dye my hair gray”, but aging is a chronic condition, and from it comes a long-term trend in the need for quality caregiving. By 2030, all baby boomers will be age 65 or older. Since the last census was taken in 2010, about 10,000 a day have crossed that age threshold and by 2030, all boomers, currently 73 million of them, will be at least age 65.1 For me and many others with boomer parents we’re looking at the possibility of caring for aging parents. Some with a variety of ailments that may be costly in terms of dollars, time and mental health.
Perhaps in your case, your need is not an aging parent in a distant state, but a loved one in need of some level of caregiving. This was the case for Lindsay Jurist-Rosner, CEO of Wellthy. As she described to me, it was like her “double secret life” that no one knew about and through which she endured without much help. Her company Wellthy aims to change that.
Improving the Healthcare Experience
Lindsay’s mission and that of her company is to help others have a better healthcare experience. Wellthy will match clients with care coordinators who can help navigate resources available at the federal and local levels, contest and negotiate insurance bills, or even help find a maid, among other things.
Launched in 2014, Wellthy is totally virtual, using technology to coordinate with partners and clients. With the onset of the COVID-19 virus, we’re all now learning about telemedicine or telehealth, but Wellthy has been ahead of that trend.
When I recorded the podcast with Lindsay, we were just at the beginning of the coronavirus awareness in the U.S., before self-quarantines and shelter-in-place mandates. Through this crisis so far, they have been available to families that use their service to answer COVID-19 related questions, schedule telemedicine appointments, set up food/medication delivery, and help navigate Medicare, Medicaid, and private insurance. If you’re interested in updated information and helpful guides during this time they have set up a special COVID-19 resources page https://resources.wellthy.com/covid-19/.
Being Wise to Stay Healthy and Wealthy
With people living longer and the large aging population now entering retirement there will be a massive need for caregiving. The implications of which are potential stresses on your finances, your lifestyle and the rest of your family. Needless to say, getting ahead of this by having the tough discussions with family members and developing a plan would be wise. For financial advisors, having a resource for clients is a way to enhance your services and engage with younger generations of your client’s family. VanEck recently published a paper on the importance of eldercare and how financial advisors can start this conversation with their clients.