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What are the benefits of a Concierge Medicine plan?

Have you ever thought about including some type of "Concierge Medicine" into your plans for retirement? A number of our clients have either looked into it, or are using this form of private medical care.  There are definitely some advantages. But is it a panacea for what you do not like about your current health care arrangement?

Porter Investments recently had the opportunity to sit down with one of it's clients and discuss their experiences with a Medical Concierge in Texas. We have highlighted below some of the key points they shared with us.

  • A concierge is not a replacement for your existing plan.  It should be viewed more as adding your personal medical advocate.  They will be your primary physician, but they will also be like a "Quarterback", efficiently directing you towards those medical resources that you truly need.
  • Annual retainer fees can widely vary, but expect to pay between $2000 and $3,000 or more per person.  This is out-of-pocket to you and is almost certainly not covered by your existing medical plan.  In addition to other benefits, this fee could include a 1 hour physical with the physician twice a year and access to them at any time via their personal cell phone.
  • It can save you time, especially if your physician is 100% concierge.  Our client mentioned that he sees him when he arrives for an appointment. There is no crowded waiting room.  A concierge physician may have 500 to 1000 patients, but a traditional practice could have several thousand.
  • You may also get "bumped" to the front of the line when referred out.  While it is not guaranteed and it is certainly not advertised, the  concierge has frequently been able to get patient appointments to outside specialist within days or a week when that provider's normal waiting time is months.

Concierge medical services are not for everyone, and there are some basic questions you should probably ask any provider you are considering.  You may have a friend or associate that uses this type of service so ask around. You can also get more information by searching the American College of Private Physicians (ACPP) database and finding one in your area.

Porter Investments cannot help you if you're sick, but we do try to provide solutions to prevent the financial ills that can occur while waiting for the stock market to recover from a crash. Find out how we have done or  schedule a no obligation, 30 minute exploratory visit with us.

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