Health and financial wellbeing are linked, and advisers play a key role: MetLife
• 5 min read
Financial health vital
In 2019, research conducted by MetLife asked participants to rank aspects of their health according to what was most at risk or their highest priority. Out of social health, physical health, mental health and financial health, the largest number of participants chose financial health, with mental health a close second.
MetLife Australia’s head of health says “For someone under financial distress, it is not uncommon to lead to some sort of mental health impact; either heightened stress, or it could lead to anxiety, and ultimately mental illness. That initial research confirmed that customers need to understand their financial health, and this may be a large determinant of their physical and mental health.”
Unsurprisingly, the research also found a high correlation between financial health and mental health, which would be evident to those who battled during Covid-19. According to John Brogden AM, chair of counselling and support service Lifeline, the federal government’s JobKeeper Payment last year literally saved lives by preventing suicides.
Further research conducted by MetLife showed six out of 10 people saw value in linking health and financial planning together. And just over four in 10 were happy to get health information – like access to resources or tools to facilitate better mental health and physical health – from their financial adviser. Arguably, financial advisers are the perfect conduit linking people’s financial wellbeing and their health.
“People spend a lot of time choosing their financial planner, because they are entrusting their finances with an individual to help them achieve their financial goals,” says MetLife’s head of health. “So, we believe there is a lot of trust between the individual and their adviser, and that trust means they will be comfortable to listen to that person for broader advice, for instance around health planning.”
The link between health and finances
360Health provides health literacy from the nation’s most respected sources. Content about mental health, for example, comes from iconic organisations like Beyond Blue, the Black Dog Institute and SANE. The Cancer Council and Diabetes Australia also have respected content on their respective areas of expertise. 360Health is about curating the best content and making it easier to access for customers.
Earlier this year MetLife teamed up with Teladoc, a New York Stock Exchange listed leader in virtual care, involved with every area of this field including mental health, physical health and allied health to deliver advisers and their clients 360Health Virtual Care at no extra cost.
Facilitated by the Teladoc partnership 360Health Virtual Care provides its Mental Health Assist program which connects the member with a psychiatrist and a psychologist and gives a comprehensive report with diagnostic and suggested management plans.
Currently the most highly used service on 360Health, Mental Health Assist gives access to these specialist mental health services featuring reduced waiting times and access from the comfort of home as well as enabling appropriate management and support through existing services that the customer may not be aware of.
Other services include Expert Medical Opinion, which provides a second opinion service after a diagnosis, along with GP Online for an online consultation with a doctor, and Nutrition Consult which helps members make positive changes to their diet.
Notwithstanding the seriousness of cancer and heart conditions, support on silent killers like diabetes and mental health is crucial, MetLife’s head of health says. While a cancer diagnosis or heart attack draws an outpouring of support from friends and family, there is a lower level of awareness about diabetes and mental health – although this is changing.
Like mental illness and diabetes, financial hardship can also be a silent condition that people tend to be reluctant to talk about, and it can be causing stress to a person without others realising it. For example, during the onset of Covid-19, those with jobs may have seemed like they were doing ok, but reduced hours or salary, or under-employment from their partners or family members, may have had profound impacts.
The impact of Covid-19 on virtual health
Covid-19 has propelled virtual health into the mainstream after a stark and troubling reduction in face-to-face medical visits in early 2020.
Jamie Vickers, Director, Australia and New Zealand at Teladoc, says Australia’s use of virtual care before the pandemic was in its infancy, but this changed overnight.
“Australians were forced into using virtual care and realised it works very effectively,” Vickers said.
“So, we’ve got a population now that understands virtual care, we’ve come forward probably five years in tele-health adoption in a short space of time.”
In Australia, where Teladoc has operated for 12 years, the company is bringing virtual care solutions to insurers with a focus on second opinions for physical conditions and digital solutions addressing mental health. The company’s second opinion service stemmed from a belief that anyone, no matter where they were in the world, should have access to the best healthcare and leading specialists.
Insurers and financial advisers now know these services are available, effective and a great way to build their value proposition to clients as part of a broader, more holistic protection solution, says Vickers.
“Life insurers are there to protect and support their clients at the toughest times,” he explains. “What we’ve enabled insurers and financial advisers to do is to build out their protection solutions beyond just writing a cheque. This allows people suffering medical conditions to get the financial support they need but also the physical and mental support they need.”
It also allows financial advisers to increase their value proposition and have a powerful story at critical time for their clients, he says.
“It comes down to that moment of need as an adviser to be able to say to clients: ‘We’ve got you covered financially, and we will get that underway and get your claim submitted. But also, because you have this policy in place, you have access to these services.”
For more information about MetLife 360Health, visit MetLife 360