Healthcare costs should already be an important part of your retirement strategy. However, recent policy changes and rising expenses have led to frequent price fluctuations. Many seniors are beginning to explore alternative care models.
Boutique Healthcare (sometimes called Concierge Healthcare) was once considered a luxury only for the elite. Today it has become a popular alternative for anyone seeking more personalized medical care. Could Boutique Healthcare be the right choice for your retirement? Let’s explore the details.
Cost-Benefit Analysis
One barrier for many people deciding between Boutique and Traditional Healthcare options is the difficulty of directly comparing costs.
Boutique Healthcare is usually priced in a subscription model, where the individual would pay an annual membership fee. This fee can range anywhere from $1,500 to $5,000, or more at premium practices, however this fee covers enhanced medical access. Boutique Healthcare appointments are typically 30-60 minutes in length, which provides time to ask questions and conduct a comprehensive health assessment. Additionally, you may be able to schedule same- or next-day appointments with expanded scheduling availability.
With traditional Medicare benefits, you may only have to cover a $20 to $40 co-pay per visit, but hidden costs can add up quickly. If you have to wait a long time for an appointment with your regular physician, you might find yourself visiting an emergency room for non-urgent issues. Those ER trips could cost upwards of $3,000 per visit. Additionally, traditional doctor visits can feel rushed and often lead to misdiagnosis or insufficient treatment plans. This might require you make more appointments or receive more advanced (and expensive) medical interventions down the line.
Significant upfront expenses dissuade many people from considering Boutique Healthcare. However, avoiding emergency room visits combined with the enhanced care of longer appointments, could make up for those costs in savings.
Medicare and Supplement Insurance
Many people think that they need to give up Medicare completely to use Boutique Healthcare. The truth is that most Boutique practices work seamlessly with Medicare to create a hybrid-model for maximizing health benefits.
Your Boutique membership fee would cover your enhanced healthcare access, while Medicare would still pay out for diagnostic tests, specialized treatments or any hospitalizations. You can also integrate Medigap (medicare supplement insurance) to continue covering the gaps in your Medicare coverage regardless of if you also use Boutique services. Just check with your specific Boutique provider to understand what they allow Medicare to cover.
One important note if you’re considering Boutique Healthcare, is that you won’t be able to use your HSA funds to cover the annual fees. These fees are considered membership dues, not qualified medical expenses. HSA funds can still be used for any actual medical service costs if you’re HSA-eligible.
Preventive Care Focus and Health Outcomes
It’s hard to ignore the primary benefit of Boutique Healthcare: a focus on preventative care.
Burdened by volume and time constraints, Traditional Healthcare often operates in a reactive capacity, addressing problems once they’ve already developed. Boutique physicians have the luxury of longer appointment times to thoroughly review your medical history, current medications and symptoms to develop a personalized care plan.
With the added benefit of shorter appointment wait times, you’ll likely be able to see a doctor before your symptoms become severe, leading to overall improved wellness. This can be especially valuable for seniors managing critical conditions like diabetes, hypertension, and heart disease.
The Right Decision for You?
Whether you’re still planning for retirement, or already retired, choosing the right healthcare plan is an important decision with significant investment implications. For some people, the enhanced benefits and improved access of Boutique Healthcare outweigh the costs. In the end, only you can decide on your individual health needs.
No matter what you choose, Secured Retirement can help you plan for the future. We’ll work with you to create a customized plan that fits your financial goals.
Let’s talk about how you can secure your financial future today. Give us a call at 952-460-3290.
