The potential for living a very long and healthy life is greater now than ever before. New technologies, such as genomics and nanomedicine, are in the process of changing the face of medicine. For those who can afford state-of-the-art medical evaluations and treatments, as they are not usually covered by traditional health insurance, opportunities are increasing to live rewarding lengthy lives.
For the ultra-wealthy, who have considerable liquidity, paying for cutting-edge healthcare is often not a problem. On the other hand, for the wealthy as well as for the ultra-wealthy whose assets are locked up in one manner or another, such as being predominately the privately held family business, steps can be taken to address the prospective costs of dealing with higher probability illnesses.
According to Daniel Carlin, M.D., founder and CEO of WorldClinic, one of the foremost concierge healthcare firms, “Comprehensive longevity planning uses advanced medical testing, like genomics and biomarkers, to create expert healthcare plans. For many affluent families, this healthcare planning also incorporates financial planning. This means ensuring that the affluent families have the financial resources to cover the costs of these tests, cutting-edge treatments, and likely rehabilitation expenses.”
“A number of sophisticated wealth management strategies are used with the affluent to address their diverse needs and wants including having the funds available to deal with possible illnesses and rehabilitation,” says Daniel Geltrude, Managing Partner of Geltrude & Company and Director of the firm’s Family Office Practice. “Sometimes, part of the financial answer is for the wealthy to purchase life insurance, which is used in a number of ways. It’s many times the easiest and most cost-effective solution. For example, there are ways a business owner can use traditional or private placement life insurance to pay for these heath benefits.”
Clearly for the wealthy, comprehensive longevity planning will become increasingly important for them and their loved ones. In a large percentage of situations, life insurance can play a meaningful role in helping to deal with the potential considerable costs of state-of-the-art healthcare.
This article was written by Russ Alan Prince from Forbes and was legally licensed by AdvisorStream through the NewsCred publisher network and sub- licensed to Thomas Cooper.