PFP2616. Your Clients Are Over-Insured: The role of healthcare financial literacy in wealth accumulation

What if the "Cadillac" health insurance plans that employers tout as premier benefits are actually holding your clients back from building wealth? When clients who are generally healthy and financially stable select health insurance that offers higher coverage than they need, they are doing themselves and their futures a disservice by pre-paying for healthcare they may never use.

The alternative is selecting high-deductible HSA-eligible healthcare plans and then maxing out Health Savings Accounts, investing those accounts and saving them to use later in life. Using HSA best practices can enable early retirement, the ability to make career shifts later in life with less regard for healthcare benefits or can allow clients to self-fund their own long-term care.

But there is a critical factor missing from this strategy: the need for healthcare financial literacy and what that means and how it works.
This session will cover the strategic use of HSAs, but it will also get into how to use these plans without exposing clients to catastrophic financial risk.

We’ll talk about how healthcare services are priced, why shopping around can make all the difference during accumulation years and how to help clients manage their health and longevity in a cost-effective way that allows them to let their HSAs build and grow tax-free income throughout their earning years.

You'll leave ready to position HSAs as a wealth-building cornerstone that could add six figures to your clients' retirement savings.