Before buying property in this strong housing market, there is one very important attribute to look for. And that is a property that is close to healthcare centers like a hospital or emergency care center.
Ever since writing Obamacare Is A Net Positive For America I’ve been sick as a dog. My throat hurt so much I could barely swallow. Because my throat was also swollen, it was hard to breathe and sleep as well.
I called my primary care physician on Wednesday to see if he could check my throat for strep and of course he was closed until Thursday. Seriously, why would a doctor’s office be closed on a Wednesday? Perhaps to get his existing patients to enlist in his $1,500 a year Concierge Service! Smart man.
Before Buying, See If A Urgent Care Is Close By
No problem. I went to a newly opened Urgent Care Unit eight blocks away instead. I had no idea such a facility existed until a good friend of mine pointed it out. The Urgent Care Unit saw me right away and my co-pay was only $5 more at $25. The nurse checked me out, took a sample of the back of my throat and ran tests.
It turns out I don’t have strep but a viral infection instead. Hurray! The doctor said it’s actually better to have a viral infection for a sore throat because we’ll almost always heal ourselves within 5-7 days. A bacterial infection needs to be treated with antibiotics and could get more complicated.
The doctor prescribed antibiotics and hydrocodone anyway since he said the strep test is only 80% accurate. He’ll run some more tests and let me know whether I should continue with the antibiotics in several days. It’s interesting to note that the doctor didn’t have to send in the prescriptions to my local pharmacy. I could use the print out and get the drugs anywhere I liked. Another plus for going to an Urgent Care facility.
The office clerk mentioned the Urgent Care facility is open every day of the week from 8am-8pm M-F and 9am-4pm S-S. All the doctors are board certified and emergency physician trained. Suddenly, I’m feeling much more secure as a resident and also a little wealthier as a home owner.
Healthcare Centers Are More Important As We Get older
It’s somewhat surreal to be sick while this whole Affordable Care Act launch and debate is happening. My illness is making me completely biased for Obamacare because I’m in physical pain and I’m willing to pay whatever it costs to get better.
I’m sure if the bubonic plague suddenly hit all of the right wing Tea Party members, there would be much less opposition to Obamacare due to more empathy for the uninsured. I just cannot imagine the type of fear the uninsured experience when they get sick. Usually we get better as our bodies heals on its own. But during the moment of intense illness, our resolve is often tested.
As I approach the big 4-0, I’ve become more cognizant of my health. I’ve decided to do physical checkups once a year, eat less, and exercise more. I no longer have the cavalier attitude of not seeing the doctor because I think I’m Wolverine’s cousin.
I used to think, “Why see the doctor when I’m sick when he’s just going to tell me to rest, drink lots of water, and take cold medicine?” Now if I don’t feel comfortable, I’m happy to pay the $20-$25 co-pay to get a professional opinion and rest my mind at the very least. It’s always better to catch problems early on than after it’s too late.
The co-pay amount really used to deter me from seeing the doctor when I was in my 20s. Now that I’m older and a little wealthier, I don’t care at all. Each visit to the doctor costs $200-$600 on average so it’s like we’re all getting a deal!
Related: How To Get Subsidized Healthcare Insurance Even As A Multi-Millionaire
Your Property Should Be Close To The Best Hospital And Healthcare Centers
Before buying property, I’m always inquiring about the parks, restaurants, bars, water, and schools. I never once inquired about whether there are any Emergency Care centers close by, or how far away are the closest hospitals. It just never occurred to me as the last property I purchased was when I was 28.
I don’t think many other people inquire as well since the average age to buy a home is between 30-33. At 36, knowing how long it takes to get to a health facility by foot or car is of tantamount importance for me and my family!
As our population continues to age, a home’s proximity to health care facilities will continue to rise in importance for home buyers. I won’t be buying a property if the closest medical facility is more than a 30 minute walk or 15 minute drive away.
If you don’t get to an emergency facility within 30 minutes after a heart attack, for example, chances for survival drop dramatically. Just the other month our cruise ship turned back to the port of San Francisco after setting sail for two hours already because a passenger fell ill. I’m not sure if the passenger made it.
Related: How Does A Death On A Property Affect Its Price?
How Much Of A Property Premium To Pay For Close Proximity To Healthcare Centers
Financially, I’m willing to pay a 5% premium for a property which has multiple health care facilities close by instead of just one. If I’m an existing homeowner, I will lobby the community to invite more Emergency Care facilities into our neighborhood if few or none are present.
It’s all about just having the peace of mind that just in case something happens, chances are high a professional will take care of you. If I ever sell my properties, I will surely have a line item in the marketing material highlighting all the medical facilities close by.
If you have older parents you’re taking care of or young children, owning property near a hospital or emergency care center is even more valuable. Before buying, please take a walk around your neighborhood for an hour and see what’s around.
I highly encourage every single home buyer to prioritize the quality and distance of health care facilities in your new neighborhood. Map out where each facility is so you know which one to go to just in case something happens.
You can use a site like Zillow and Redfin to get a list of comparable homes sold after you type in the address. Health only grows in importance and in appreciation the older we get.
Invest In Real Estate As Well
If you don’t have the downpayment to buy a property, don’t want to deal with the hassle of managing real estate, or don’t want to tie up your liquidity in physical real estate, take a look at Fundrise, my favorite real estate crowdsourcing company today.
Real estate is a key component of a diversified portfolio. Real estate crowdsourcing allows you to be more flexible in your real estate investments by investing beyond just where you live for the best returns possible.
For example, cap rates are around 3% in San Francisco and New York City, but over 10% in the Midwest if you’re looking for strictly investing income returns. Sign up and take a look at all the opportunities around the country Fundrise has to offer. It’s free to look. I’ve personally invested $810,000 in real estate across the heartland.
Before my COBRA (healthcare for departed employees) ran out, I decided to get a physical exam. It’s been three years and it was about time. Many insurance companies offer one free physical every year. Give your insurance company a call to find out if yours is one of them. That’s a $200-$500 “savings” every year if you take advantage of the perk. Depending on your insurance coverage, you will either typically pay a co-pay ($25 in my case), or a co-insurance (generally 20% of the overall bill).
In a close 5-4 decision, the Supreme court says Congress was acting within its powers under the Constitution when it required Americans to carry health insurance or pay a penalty!
