On June 28, 2017, the Center for Financial Security held a webinar presenting new research into the relationship between financial management behaviors and households’ ability to pay for out-of-pocket medical expenses. The webinar introduced the “FINMed” financial coaching intervention designed to help families pay for ongoing health care needs.
The webinar opened with an overview of the Center’s new research into the relationship between household financial behaviors and the ability to pay for out-of-pocket medical costs, 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. The webinar then introduced the new “FINMed” model. FINMed is brief, solution-focused financial coaching session designed for people facing new ongoing out-of-pocket medical expenses. Two discussants connected the research to their work on the intersection between finances and health.
The webinar featured
J. Michael Collins, Faculty Director of the Center for Financial Security, discussed the connections between financial management and households’ ability to pay for medical treatment, and introduced the FINMed coaching model.
Allison Espeseth, Development and Operations Manager at Covering Wisconsin (CWI), highlighted CWI’s work helping families understand and manage the complexities of their health care expenses, including implications for other organizations working in this area. More information is available on CWI’s website: coveringwi.org
Abby Hughes Holsclaw, Director of Member Engagement at Asset Funders Network (AFN), highlighted AFN’s recent exploration of the connections between health and wealth and the opportunities that exist for more collaboration across organizations in these two fields. More information including AFN’s “The Health and Wealth Connection: Opportunities for Investment Across the Life Course” report is available on AFN’s website: assetfunders.org/educate/health-wealth
The Center for Financial Security is 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.
University of Wisconsin-Madison Center for Financial Security 