Wealthy Nevadans are not exempt from healthcare uncertainty in the face of the Patient Protection and Affordable Care Act.
This is according to the 11th installment of the “High Net Worth Report” released by The Private Bank by Nevada State Bank. One major impact will be a 0.9 percent increase in payroll taxes for those making $200,000 or more. Changing delivery systems and a lack of in-state specialists also create concern.
“Nevada reports only 66 medical specialists per 100,000 residents, compared with the national average of 97. The shortage in specialists commonly requires some residents to leave the state in order to receive care, particularly for complex procedures,” said Russell Price, executive vice president of The Private Bank by Nevada State Bank. “Unfortunately, this often results in a dual negative effect of higher costs for patients and a loss of income that otherwise would have stayed in our local economies. Many high-end households may be underestimating the out-of-pocket expenses they will incur during retirement. When it comes to financial planning for health care needs, being well-informed and starting the process early are key.”