Comprehensive Guide to Preventive Health Screenings: Benefits, Costs, and Options

Preventive health screenings and treatments are essential tools for those looking to take a proactive stance on their health.

These methods are designed to identify potential health issues early, potentially improving health outcomes and providing peace of mind.

As such, we’ve put together a guide that delves deeper into various preventive care options, outlining their purposes, benefits, drawbacks, and costs, along with who might benefit the most from each.

1. Detailed Lab Panels (e.g., InsideTracker, Function Health)

  • Description: Think of these like a detailed health report card. The tests analyze blood samples to evaluate numerous biomarkers related to nutrition, metabolism, and risk for diseases like diabetes or heart conditions.
  • Why People Get Them: To uncover hidden health risks and tailor lifestyle choices more effectively.
  • Pros: Personalized health insights; can guide dietary and lifestyle adjustments.
  • Cons: Can be expensive and may lead to anxiety or unnecessary treatments if results are misinterpreted. Unless prescribed, NJ residents have to drive to PA to get the panels done.
  • Cost Range: $200 – $600.

2. Whole Body MRIs (e.g., Prenuvo)

  • Description: This imaging technique uses magnetic fields and radio waves to create detailed images of organs and tissues throughout the body.
  • Why People Get Them: To detect a range of health issues, including tumors, organ abnormalities, and vascular diseases, often before symptoms appear.
  • Pros: Non-invasive and comprehensive; no exposure to ionizing radiation.
  • Cons: High cost, potential for false positives leading to unnecessary follow-ups.
  • Cost Range: $1,000 – $3,000 per scan.

3. Cancer Screening (e.g., Galleri)

  • Description: These screenings use blood tests or other methods to detect cancer cells or DNA in the body, aiming to find cancer at an early stage.
  • Why People Get Them: For early detection of various cancers, especially in individuals with a high risk or family history.
  • Pros: Potential to catch cancer early; some tests screen for multiple cancer types.
  • Cons: Possibility of false positives or negatives; anxiety from testing.
  • Cost Range: $500 – $1,000 per test.

4. DEXA Scan for Body Composition and Skeletal Health Analysis

  • Description: Dual-energy X-ray absorptiometry (DEXA) scans measure bone mineral density and body composition (fat and muscle mass).
  • Why People Get Them: To assess risk of osteoporosis and get an accurate measurement of body composition.
  • Pros: Detailed information on bone health and body composition.
  • Cons: Involves exposure to a small amount of ionizing radiation; cost can be a factor.
  • Cost Range: $100 – $300 per scan.

5. RMR (Resting Metabolic Rate) Analysis

  • Description: This test measures how many calories your body burns at rest, providing insights into your metabolism.
  • Why People Get Them: To create personalized diet and exercise plans based on metabolic needs.
  • Pros: Helps in designing effective weight management strategies.
  • Cons: Cost may not justify the benefits for everyone; not essential for overall health.
  • Cost Range: $75 – $250 per test.

6. VO2 Max Cardiorespiratory Fitness Testing

  • Description: This test measures the maximum amount of oxygen a person can utilize during intense physical activity, indicating cardiorespiratory fitness.
  • Why People Get Them: To assess and improve athletic performance and cardiovascular health.
  • Pros: Provides a benchmark for cardiovascular fitness and endurance.
  • Cons: More relevant for athletes; can be expensive for a non-essential health metric.
  • Cost Range: $100 – $400 per test.

7. At-Home Lab Testing for Hormones, Food Sensitivities, etc.

  • Description: These kits allow individuals to test for various conditions such as hormonal imbalances or food sensitivities from the convenience of their homes.
  • Why People Get Them: For an easy and initial health assessment without visiting a healthcare facility.
  • Pros: Easy to do and a good starting point for further investigation.
  • Cons: Accuracy and reliability can vary; results may be misleading without professional interpretation.
  • Cost Range: $50 – $200 per kit.

Conclusion

While preventive health screenings offer valuable insights and early detection of potential health issues, they come with varying costs and considerations, such as anxiety from testing and potential exposure to radiation.

It’s important for individuals to weigh these factors and consult with healthcare professionals to determine the most appropriate screenings based on your goals, personal health history, and risk factors.

What Issues Should I Consider At The Start Of The Year?

The beginning of the new year is the perfect time to discuss the various factors influencing your planning.

For example, we can:

  • Look at your progress toward your goals and consider any new goals you’ve set for yourself.
  • Evaluate your insurance coverages to make sure your risks are minimized.
  • Revisit your assets and debt and evaluate whether your risk tolerance continues to be appropriate.

Take a look at the checklist we’ve included for you. In addition to the ideas above, we can organize you for tax season, so you have a smooth experience. There are many reasons why having a good conversation now can set you up for success later.

Sometimes the incremental changes that occur year-to-year may not seem like a big deal. In reality, though, they can add up. The planning that we do together can evolve to protect and strengthen the people and organizations that are important to you.

If the checklist has helped you identify topics we should plan for, please get in touch for us to discuss them further.

Beneficial Ownership and the Corporate Transparency Act

SECURE 2.0 Act

With each new year we welcome an array of new laws and regulations. A notable inclusion in 2024 is the Beneficial Ownership reporting requirement for small businesses, mandated under the Corporate Transparency Act.

Let’s delve into the specifics of this regulation and understand its implications.

Defining a Reporting Company:

Is your business a “reporting company” under this new law? If you answer ‘Yes’ to any of the following, you’re required to comply:

  • Is your business a corporation or a limited liability company (LLC)?
  • Was it established through a filing with a secretary of state or similar office in a U.S. State or Indian Tribe?
  • Has your business registered to operate in any U.S. State or Tribal jurisdiction through such a filing?

However, it’s important to note that there are 23 exemptions to this definition, including entities like securities reporting issuers, banks, credit unions, money transmitter businesses, investment companies, insurance companies, public utilities, and certain large operating companies, among others.

Identifying a Beneficial Owner:

A beneficial owner in this context is an individual who either:

  • Exerts significant control over a reporting company, OR
  • Holds or controls at least 25% of the ownership interests in such a company.

Exceptions to this definition include minor children, nominees, intermediaries, employees without significant control due to their employment status, inheritors, and creditors.

Understanding Substantial Control:

Substantial control can be identified in several ways:

  • Being a senior officer.
  • Having authority to appoint or remove key officers or a majority of the board of directors.
  • Being a key decision-maker.
  • Possessing any other form of significant influence over the company.
Determining 25% Ownership:

Ownership interests can be in various forms, like equity, stock, voting rights, capital or profit interests, convertible instruments, and options, among others.

Company Applicants:

First off, not all reporting companies are required to report their applicants to FinCEN.

If your company was registered to do business in the U.S. prior to January 1, 2024, you do not need to report your applicants.

If you register(ed) on or after January 1, 2024, you will have this requirement.

There are two categories of applicants:

  • Direct Filer: the person responsible for drafting and submitting the registration application.
  • Directs or Controls the Filing Action: not always required, with each reporting company having at most two such applicants.
Filing Deadlines:
  • Existing companies before January 1, 2024, must file by January 1, 2025.
  • Companies formed between January 1, 2024, and January 1, 2025, have 90 days post-registration.
  • Companies established on or after January 1, 2025, have 30 days post-registration.

Miss these deadlines, and you face a hefty fine of $500 per day.

Required Information for the Form:

For Reporting Companies:

  • Full legal and trade names.
  • Complete current U.S. address.
  • State of formation.

For Each Beneficial Owner and Company Applicant:

  • Full legal name.
  • Date of birth.
  • Complete current address.
  • A unique identifying number, jurisdiction, and an image of a valid document like a U.S. passport or state driver’s license.

Staying informed and compliant with these new requirements is crucial for your business. Visit FinCEN’s e-filing website for more details and to ensure you meet your reporting obligations.