Lifetime Expense

Healthcare Ideas

Each family member has standard expenses to address throughout their lifetime. Implementing creative solutions for the typically large expense of healthcare can effectively increase benefits and wealth for a family over generations. Similar to cultivating assets, reducing and planning for this necessary lifetime liability has the potential to greatly improve lifestyle while further extending resources.

Children Insured Until the Maximum Allowable Age

To decrease the financial burden of healthcare costs on young adult offspring, parental health insurance can cover the children until the maximum legal age limit, currently 26 years old.

https://www.healthcare.gov/young-adults/children-under-26/

Direct Payments of Qualified Medical Expenses

Payments of qualified medical expenses (for example by grandparents) made directly to the healthcare institution are typically not regarded as taxable gifts and therefore avoid impact on annual gift tax exclusions or the lifetime gift exemption. The expense size itself is not decreased, however funds are effectively gifted without tax repercussions.

Some Countries Have Low-Cost or Free Healthcare

Residency in a country with access to high quality universal or low cost widely available healthcare can reduce related expenses. Often temporary and/or permanent residency visa status of one parent can be expanded to entitle the nuclear family members with both residency and healthcare benefits.

https://www.internationalinsurance.com/health/countries-free-healthcare.php

Medical Tourism

Short term travel can allow access to elective medical procedures at low cost in foreign countries with high quality healthcare. Many countries have very high caliber healthcare with private medical facilities charging only a faction of typical US prices. Various medical procedures can be arranged, together with flights and accommodations yielding a collective cost still far less than US medical care.

https://europa.eu/youreurope/citizens/health/planned-healthcare/right-to-treatment/index_en.htm

https://en.wikipedia.org/wiki/List_of_countries_by_quality_of_healthcare

Dental Tourism

Travel allows access to elective dental procedures at low cost in foreign countries. Many countries have high caliber dentists charging only a faction of typical US prices. The combination of a procedure, flights, and accommodations often yield a cost far lower than US dental care, particularly in the case of implants and dental surgery.

https://www.washingtonpost.com/health/dental-tourism--bargain-dentistry-and-a-vacation-to-boot/2019/08/30/4fd4a466-aef0-11e9-a0c9-6d2d7818f3da_story.html

Universal Healthcare

The option of supporting nationwide universal healthcare can provide coverage for all at an affordable societal cost. Everyone needs healthcare throughout their life.

https://www.commonwealthfund.org/international-health-policy-center/system-features/how-does-universal-health-coverage-work