“The greatest wealth is health” is a timeless insight often attributed to the Roman poet, Virgil.
Prioritizing a healthy lifestyle, including preventive medical care, not only enhances your well-being but also allows you to fully enjoy the wealth you’ve worked hard to build. One question we often hear from clients is, “Is concierge medical care worth the investment?”
Concierge medicine, also known as retainer-based medicine, was introduced in the mid-1990s as a way for doctors to reduce their case load and provide a more customized and exclusive healthcare experience.1 In exchange for an annual fee, you gain special access to your physician and a more in-depth level of care.
To determine whether concierge medicine is right for you, consider these three factors:
- The Benefits: Concierge physicians offer 24/7 access via cell phone, email, or text, same- or next-day appointments, and longer, unhurried visits. With fewer patients to manage, concierge doctors have more time to focus on wellness planning and proactive management of chronic conditions—tailoring care specifically to your needs and lifestyle. They also facilitate connections to, and relationships with, specialists you need to see.
- Your Needs: If immediate access to your doctor is a priority or you have complex healthcare issues that require dedicated oversight, a concierge practice can provide the level of service you need. It offers added convenience that busy professionals often appreciate and a deeper level of care.
- The Cost: While the benefits of concierge medicine are many, it’s important to consider the cost. The annual (or monthly) fee varies by practice, typically ranging from approximately $1,200 to $10,000 per year,2 and can increase as you age. In some practices, the fee covers all well and sick visits. However, many concierge practices take a hybrid approach—by providing greater access but billing your insurance for each visit. In either scenario, you need health insurance to pay for services (such as hospitalization) not covered under their plan.
Reach Out to Crestwood
Crestwood takes a holistic, forward-looking approach that focuses on your well-being. Please reach out to your advisory team if you’d like to factor the cost of concierge care into your financial plan. And if you are not yet working with Crestwood, please contact us to start a conversation.
1 A literature review on the impact of concierge medicine services on individual healthcare, National Library of Medicine, June 14, 2024
2 What Is Concierge Medicine And Is It Worth The Price Tag? Forbes, May 18, 2023
This document is provided for general informational purposes only by Crestwood Advisors, an investment adviser. Crestwood Advisors does not provide legal advice, and this document should not be construed as containing legal advice. For legal advice, consult with a licensed attorney. This document should not be construed as containing tax advice. For tax advice, consult with your tax adviser.
