A Magical Life: Health, Wealth, and Weight Loss

The Value Of Your Health with Tom Basey

July 11, 2022 Tom Basey Season 1 Episode 120
A Magical Life: Health, Wealth, and Weight Loss
The Value Of Your Health with Tom Basey
Show Notes Transcript

Today's guest is Tom Basey, a US-based insurance expert. We'll chat about some differences between insurance options in the US compared to Australia and in what ways insurance companies are incentivizing people to make healthier choices.

Tom recommends creating a health binder for yourself and each family member so that all your medications and health history are in one place. In the event that you aren't able to answer a doctor's questions, then the answers are still there. Get in touch with Tom for a free medication cost analysis!

Connect with Tom at https://www.facebook.com/BaseyInsurance

Connect with Magic:

A Magical Life Podcast on Facebook: https://www.facebook.com/amagicallifepodcast/

On Instagram: https://www.instagram.com/wholisticnaturalhealth/

Online: https://wholisticnaturalhealth.com.au

A Subito Media production

Support the show

Connect with Magic:
A Magical Life Podcast on Facebook: https://www.facebook.com/amagicallifepodcast/
On Instagram: https://www.instagram.com/wholisticnaturalhealth/
Online: https://wholisticnaturalhealth.com.au
A Subito Media production

Magic Barclay:

Welcome back to a magical life. I'm your host Magic Barclay and I'm again, joined today by Tom Basey. Now, Tom, we mentioned in episode one, 19, quite a few things that can affect health insurance, and we kind of wrapped up the episode. You were discussing about medicines. Now some medicines you mentioned are covered. Some are not, some are on the schedule. Some are not when the listeners are taking medications. Let me just talk from an Australian perspective here first. Okay. So the listener goes to their GP, their general practitioner, and they might get prescribed. Let's say a statin. Okay. Mm-hmm mm-hmm here. We very rarely see the same GP for our lifetime. Like you go to a clinic and you'll get one of 30 doctors that are there. Um, so you might get prescribed a statin mm-hmm doctors here do not look at what you are already on before they do another prescription. So. People can be on a collection of statins here up to five, all doing the same thing. And obviously also all having pretty nasty side effects. And can that kind of thing affect their health insurance?

Tom Basey:

You know, that's an interesting scenario. I would offer a couple of marks about that. Number one, certainly, uh, the quality of care can vary some, but I would say that sounds like an outlier scenario to me as a general. You do not get subscribed a more than one state and type drug. And I would venture say if nothing else, it's kind of example, pros and cons, everything. That may be one of the good things from our expensive insurance scenarios that I think they watch that now. I don't think they would let that happen. So one, I don't think doctors as a general, I think they will look in fact, that's a standard question. Is, are you on any other medication? So I don't think one, it would happen then two, even if somehow it didn't, the insurance would catch that. So I think as a general rule that won't happen. There's two, checks and balances that I think will limit that, that doctors automatically ask, are you on any other prescriptions? And then also we are working. There's a significant effort. In the us to have medical records that are basically electronic, that follow you around. They don't, we don't have it completely resolved yet, but there's a good effort. For example, sometimes potentially if you'll stay in one network and I mean, electronic network where the hospital and different care providers potentially they know. And so, you know, what's very annoying and I suspect everybody is either experiences or seeing it. You go to a hospital. Or you go to care thing and two or three people come and ask you the same set of questions. You're like, what, why do I have cancer? So we've actually made some progress in the use. I think. So I think medical records are a little bit better. So for those reasons, I don't think that would happen. Having said that statins are a very common drug. It's probably the most common thing that I put in and they're different variations and flavors of it. But what I offer is the good news is they don't cost very much at all, depending on which plan you're on. Typically that's gonna cost $0 or single digit dollars.

Magic Barclay:

And in addition to that comment here in Australia, folks, if your doctor doesn't ask you what you're on, you need to tell them there is no point in expecting them to get their crystal ball out. They don't have time. They often. I'm not gonna say don't care. Actually, I am. They don't care because they don't have time. They have to see X amount of patients in every 60 minutes of their day to get paid by Medicare and here in Australia. And unless you are willing to come up with the information, they're not going to ask you most of the time. So you really need to take charge here and say, well, I'm on this and I'm on. Now go and let them take up that point in the conversation. This is your health. This is about you. You need to be proactive. Now, Tom, in the last episode you mentioned COVID pandemic, all that stuff going on at the moment in the world. And we know that, you know, there's. Big stuff happening, uh, with medications, no matter what you believe, whether you believe it's a trial or you believe it's a savior, the fact is there's no long term data yet with what's happening. So how does that potentially impact people's insurance?

Tom Basey:

Wow. I don't have a great answer for you on how it's gonna affect insurance. But what I, I would make a couple remarks for you. One thing, I had the opportunity to work in medical device for seven years. And so I was, I have a lot of exposure to example, even testing auto automation and I've even traveled other other countries associate and worked with equipment to, to test results. And so what would offer. I have confidence in the overall approach of what we're doing here. And so if we're sometimes, uh, we've done things in a hurry because it's urgent, but what I would offer the listeners is as somebody who's worked in that industry, I hate to say this, or don't like the FDA, but my point is the FDA is a gatekeeper. Their, their, their whole mission in life is to make certain that companies don't release things prematurely now because of the, the hurriedness of the nature. I think that the us government was telling our FDA, the federal drug and administration to work with the providers. But no, but there is rigor shows and to get, to get anything improved, you gotta write up, elaborate test plans and run some results. I will say that I feel comfortable with the methodology overall. Haven't seen the data know, but I would just kinda offer that the good news is between the companies and the overseeing agencies. I think they have reasonable approach. And then one other thing I wanted to say before we got away from this, your previous remark, I have a friend. Her name is Deidra kindred, and she's basically a health advocate and she's a proponent chief PAX even puts on a whole, I think, workshop that someone should have a, basically like a health binder. So it has, like, I mentioned that thing, how I helped someone generate the medication list. I don't know what all she puts in. There's probably pat your medical history, whatever it's. But my point is, I think that's a good thing. I, so my recommendation to you and your listener is considered developing. A personal health binder. What if you're in capacity, your family members can get ahold of them. So I think it's a, I, I don't know a lot about it, but it brought it to mind when you said that. So I wanted to share that with,

Magic Barclay:

I think that's a fabulous idea and you're right. What if you can't answer the questions one day and your family have to, so definitely that health binder, I think that's absolutely fantastic. And. Here in Australia, we're seeing some insurance companies saying, if you don't get this many hours exercise a week, or if you don't eat this many vegetables a week, like they're asking questions now and they're starting to base their decisions on whether they cover you or to what extent they cover you on your answers. How can we help the listeners to get the most out of their insurance? I know we've kind of discussed water and food and exercise. But what are some key steps from an insurance point of view that they can take to get the most out of what they're paying?

Tom Basey:

You know, you're, you're exceeding my expertise there based on your remarks. It kind of sounds like the opposite of what I'm accustomed to that is. I think there's what we'll call a standard rates versus preferred rates. And so I think that maybe insurance companies in the us are largely gonna charge a standard rate that is assuming you're not. Either certain eating certain healthy things or doing, getting adequate exercise, and then they ask you about it and then they will give you discounts, incentivize you. But I would offer that independent of the cost of your health. I think that everybody ought to try something and that's and what I mean. Own your health to the extent that you can without knowledge. I mean, I'm arguing, I'm making the efforts, but I may not have, I don't have all the expertise, but I think everybody needs to own their health. So think about your health, make a conscious effort to make decisions about what you're gonna do and what you're gonna consume and what you're gonna expose your body to. And, but it consult with experts where you don't have that experts start with your general practitioner, find them and then seek out other. They don't know everything either. Right. They refer out to specialists to seek out other folks. I like, uh, personal trainers too. So be it your GP, personal trainer, and candidly, we're on a podcast right now. I've had to make a, a C change. I like to read and I like to investigate. Information is, is, uh, growing exponentially. You, you gotta listen to podcasts. I listen to podcasts now and I watch videos on YouTube. Find, seek out information and, and check your sources, right. Do multiple sources. But I, I would ask everybody to own your own. Health commit, recognize, and commit that you wanna live healthier and then figure out what you can. And you know what my struggles as diet is I don't live by myself. And so it'd be one thing to say, I'm gonna eat exactly this well, unless I'm cooking it. Or if I'm gonna cook it every day, we kind of cook by committee at my house. It's a challenge to even control that. But so pick your battles, figure out which ones you can do. What I do do is I own the smoothie in the morning, so I make the smoothie every morning and, uh, I put spinach in. Banana, some other frozen food, some kind of non-dairy milk, like a, uh, cashew or rice base or something like that. And then I'll put in some, uh, cinnamon in there and I will put in some, tur me. I put that in there. And then actually I was, I don't put any sugar. I was putting a honey for a while and then we've kind of moved away from that. I'd like to put the honey back in there, but that's my, that's my smoothie. It's my free smoothie mix for your listeners. I don't, I, I like that. And I do that every day.

Magic Barclay:

Some great tips there and a great smoothie recipe, sip Tom. I think we've pretty much covered anything the listeners need to know. Is there anything else that you think they need to know about. Their life, their health insurance.

Tom Basey:

Hmm. Yeah, there's a lot, but we'd have to do a whole nother episode on that. Let's see you, you, you broached the topic last time. Uh, I do think financial literacy is important. So you don't wanna spend yourself out of I think there can be an extreme where you spend more than, you know, than you can afford to spend. So I would endorse, Financial literacy. And then I would endorse social slash spiritual health. You need that as well. So we've been concentrating on our physical health. It's very important, but I would say do not neglect your financial health and your social slash spiritual wealth. But when those three, I think when you work those together, I think, uh, I think that's a winning combination. That's what it offer you.

Magic Barclay:

Thank you now, listeners, you can find Tom on YouTube at Basey insurance on LinkedIn and Facebook at Basey insurance. And definitely reach out to Tom. If you have some questions about your medications, about the cost of everything with that, reach out, jump onto his YouTube, have a look at what Tom has to offer you. Tom. Thank you again for your time today.

Tom Basey:

Very good. It's been a pleasure. I'm grateful for you having me.

Magic Barclay:

Absolute pleasure listeners coming up in episode 1 21. We have Lisa, Miron talking about family constellations. Now let you ponder what that may be, but we'll find out very shortly listeners again. Thank you for your time. I really do appreciate it. Go forth and create your magical life.