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:
- Determining the patient’s health goals and motivation
- Planning for the costs of health care
- Setting up a process to make sure the patient will have the funds needed when the next set of care (e.g., refill or therapy session) is due
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.
This brief examines the characteristics of credit counseling clients who experienced problems paying for their medications and analyzes which factors affect clients’ ability to pay for prescriptions. The data used in this brief were collected by Clarifi, a leading nonprofit financial counseling provider that serves about 15,000 Philadelphia-area residents each year. In the summer of 2016, Clarifi surveyed a sample of its non-housing counseling clients to document their credit status and medication use.
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Please join the Center for Financial Security for a webinar to discuss a recent case study project conducted by CFS and supported by the Annie E. Casey Foundation. CFS interviewed financial coaching organizations from across the U.S. about their strategies for making their programs more inclusive and accessible to the communities they serve.
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As the field of Financial Coaching continues to grow, so do the number of publications on the topic. The Center for Financial Security created a comprehensive literature review in October of 2015, which summarized the findings of 26 reports, briefs, articles and other publications over the last 8 years. In March of 2017 the Center for Financial Security updated the brief to include an additional dozen publications.
A Broader Approach to Financial Inclusion Brief
Expanding Financial Inclusion Infographic