University of Wisconsin-Madison Center for Financial Security

Financial Coaching and Medication Adherence: Introducing the “FINMed” Coaching Model

The report introduces a new intervention called “FINMed.” FINMed is brief, solution-focused financial coaching session designed for people facing new ongoing out-of-pocket medical expenses or a pattern of problems paying for ongoing health care needs. The coaching involves:

This reports present research into the relationship between household financial behaviors and the ability to pay for out-of-pocket medical expenses, particularly prescription drugs. Overall, households struggling to manage their finances appear more likely to skip medical treatments due to cost. In turn, failing to follow through on a medical treatment can lead to higher costs and worsening health status.

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On June 28, 2017, we held a webinar outlining the FINMed model. Access the webinar recording and more information here.

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The authors are grateful to MetLife Foundation for supporting this project. This project builds on research supported by the Vilas Associates Research Award and The Annie E. Casey Foundation.