In general, most of the world’s public and private healthcare systems are in poor condition, except for Singapore and a few other stand-out countries. If it’s not plagued with endless bureaucracy and redundant administrative processes, it’s focused on treating illnesses and pacifying ailments rather than promoting preventive care and vitality. For family offices, health insurance is understandably a top priority, which has led to a rise in hyper-focused health and insurance providers. This insight dives into the health insurance options available to high-net-worth individuals and families.
Health and insurance solutions for family offices
Family offices manage a wide range of affairs, including corporate structures, succession planning, and investment strategy. However, the areas of health and therapeutic care are relatively new. To better manage the health needs of their clients, offices are now turning towards medical family offices, a relatively new concept. These medical family offices offer a range of services to help family offices manage the medical needs of their clients, which include the following:
Concierge medical service
Concierge medicine is the cornerstone of preventative health care in the US. It involves membership-based healthcare that provides exclusive, personalised care with accessibility and convenience. By charging a flat monthly fee, family offices are able to tap into unlimited doctor visits, and eliminate details such as co-payments and other charges.
Private Medical is a healthcare provider that offers five-star concierge service to its members. They go beyond traditional approaches and adopt a proactive approach towards healthcare. Using biological data, they evaluate how their members interact with the world and monitor their metabolic, cardiovascular and genetic health, among other things. Their ultimate goal is to achieve the best health outcomes in the fastest possible way.
Expert medical advice
Independent health advisory firms provide personalised support for those dealing with chronic or severe medical conditions to help individuals and families. They assist clients in navigating the healthcare system, which includes managing new diagnoses, assessing treatment options, and coordinating care.
Wellworth Advisors is one such firm that takes a holistic approach to building healthcare strategies that mitigate risks. Their process begins with an assessment, considering factors such as the client’s primary care physician, medical conditions, mental health, sleep patterns, nutrition, and insurance coverage. After the assessment, the firm provides specific recommendations. It helps to execute the plan, which can look like anything from virtually attending doctor’s appointments to communicating with physicians before and after medical visits.
Integrative medical services
Integrative medicine is a holistic healing approach combining therapies and lifestyle changes to treat patients. The focus is to improve overall well-being by incorporating a patient’s mind, body, and soul. Patients are considered equal partners in their healing process.
Feisal Alibhai, a cancer survivor, formed a team of experts in functional medicine, integrated medicine, psychotherapy, mindfulness training, and Ayurveda to understand the possible causes of his illness. Fourteen years later, Qineticare was born. Qineticare provides support to families at every stage of life, from planning to creating a legacy and preparing for generational continuity and family longevity. The process starts with an assessment methodology that leads to a well-being report. The firm develops physical, mental, emotional, and relational support infrastructures to initiate the transformation process.
International health insurance
Finally, for families living or travelling abroad, premium health insurance providers like PassportCard are designed to offer instant access to healthcare services worldwide whilst avoiding any traditional administrative red tape. There’s no need for traditional claim forms, approvals or reimbursement. If a customer needs a doctor abroad, PassportCard calculates the costs required and loads the amount onto a card, which operates like a normal debit card.
It’s not uncommon for family offices to have teams operating across the world, which can leave them vulnerable to the healthcare system of the country they find themselves in. With these providers now focusing on health and insurance, family offices aren’t bound by these limitations. They can access a range of medical solutions, including concierge medical services, which emphasise proactive care and personalised approaches, and expert medical advice.