Financial Stewardship + Transparency
Health + Wellness Writer
September 29, 2020
Financial Stewardship + Transparency Health + Wellness Writer September 29, 2020 As aptly stated by BJ Palmer: “The preservation of health is easier than the cure of disease.” The truth is, the preservation [of health] is cheaper, too.
At GOOD MEDICINE, financial stewardship + transparency are important. Not only in business, but for those we serve. The truth is, it is more cost-effective to support your wellness than it is to heal your illness.
The conventional insurance narrative goes something like this: “You must have insurance. It must be a rich plan with all the bells and whistles. It is irresponsible for you not to have a comprehensive insurance plan.” To some degree, we agree. It is wise to plan ahead, to be prepared for life’s inevitable surprises. However, it is a false belief that these plans are designed for your benefit, for your unique needs. Insurance companies benefit on your illness, not your wellness. There is movement in the right direction, some plans will ‘compensate’ you for healthy behaviors. But make no mistake, they profit each month, whether you use their services or not.
Consider this… For those between 18-65 years, individuals pay approximately $350 per month in premiums - even for those with subsidized rates. The average family pays around $900 per month. The average individual deductible is around $5,000, whereas family deductibles averaged to $8,000. In 2018, an average family of four spent around $29,000 annually on a mid-level health care plan (this includes employee + employer contributions, out-of-pocket costs, and deductibles). Due to COVID-19, these costs are expected to increase significantly. 2021 will be an eye opening year, some postulate that insurance premiums could increase by as much as FIFTY PERCENT!
It gets worse…these rising rates do not equal better health. In fact, quite the opposite. Rarely do health plans designate your dollars for services that bring you better health. As stated, these plans profit on your illness, which begs the question: what is their motivation to keep you healthy? The truth is, health plans have become less and less rich. Many are consistently receiving less and paying more.
Consider this – what if you only purchased a plan that suited your needs? For some, this is a higher deductible with low monthly premiums. For others, this is investment in plans like HSAs and FSAs that allow you, the consumer, to choose how your pre-taxed health dollars are spent. What if the money you saved could be reallocated towards services that support your health + wellness.
At GOOD Medicine, we believe that you should know where your money is going. We believe that you should only pay for what you need. We believe that being health is wealth. We believe that investment in your wellness is a worth your time and resources. We are passionate about changing the narrative, flipping the script, on how Americans view their healthcare.
If you need help in finding a plan that is best suited for you, please let us know! We are honored to serve!
#MindfulConsumerism #FinancialStewardship #Transparency #OurWhy #GOODMEDICINE
