(Video) Healthcare After Sudden Wealth Events

"Talk to someone like yourself to help them set up the overall picture. By all means, find someone who is reputable and someone who's trustworthy somebody you can talk to and be there for you over time. That you can call and follow up with. It costs nothing by the way to have a broker. To have someone like myself working on your behalf. There's no charge for that. We get paid by the insurance companies. It's all the same price. Everything's industry regulated. So it's the same cost whether you try to navigate it yourself, have a broker or call some 800 number, it's going to be the same cost for the same plan." 

- Lisa Humes, Insurance Agent and "concierge", HealthMarkets

Join Lisa Humes, a licensed insurance agent with HealthMarkets (https://www.healthmarkets.com/), as we discuss how significant wealth events can help you quit your job but leave you uninsured unless you have proper planning.

We discussed:

• How people who retire early maintain health insurance coverage
• How sudden multimillionaires navigate the health marketplace
• How to prepare for Medicare regardless of wealth status
• Why it makes sense to consider working with a licensed agent

Jason Howell Company is a family wealth management firm that strengthens the finances of families making the transition from first generation success to family wealth. We envision a world where wealthy families give, grow and govern themselves in ways that enrich their local communities. We do this by reducing the fear, isolation and guilt associated with financial success.

Jason J. Howell, CFP®, CPWA®, CSRIC® and Douglas W. Tees, MBA, CFP® CAP®, CBDA  have spent a lot of time in the Washington, DC area, and are aware that many people who are first generation wealth suffer from a kind of "financial imposter syndrome."  Successful entrepreneurs and family businesses are always looking over their shoulder; government contractors worry about the next contract; former Capitol Hill staffers privately wonder if they should "feel bad" for the money they now make. Imposter syndrome is common among people who work for the many corporate headquarters based in this area as well. These feelings get in the way of properly managing family wealth. We empower them to get organized, build a team of advisors and make decisions.

Our typical "first generation wealth" families include dual income parents who work, save and have just the right amount of fun. For long-time, family owned businesses we focus on much family preservation as we do wealth preservation. 

First generation wealth success stories and family business owners realize that they:

• Need to “do something” with the cash in their checking/savings
• Need to eventually diversify their portfolio away from the family business
• Need an investment strategy for “up” and “down” markets
• Need a plan to mitigate market, credit, inflation, and political risks
• Need to start tax planning instead of just tax paying
• Need to be sure they are choosing the right work benefits
• Need to reduce financial miscommunications between family members
• Need to separate business finances from personal finances
• Need to separate family wealth from individual wealth
• Need a plan to provide space for both family and individual philanthropy 
• Need to plan for money while alive and for what happens after death