Have you ever worried about what would happen if you fell seriously ill or became incapacitated in old age? Perhaps you’ve discussed what you would want to happen with your spouse, or pondered who would make decisions about the care you would receive.
Accidents, illnesses, and age-related health concerns can all arise unexpectedly – and even become more likely as we age.
And while stressing about the unknown is largely unhelpful (and often counterproductive), planning for your future healthcare is a key piece to having a complete financial life plan in place. By having key documents and decisions prepared now, you can:
- Feel empowered that your wishes will be respected even when you might not be able to communicate them yourself.
- Reduce potential stress on your family members by clearly stating your wishes.
- Protect you and your loved ones by planning for possible healthcare costs in advance.
Let’s explore five ways you can proactively take control of your health-related decisions, from creating an advance directive to appointing a medical power of attorney and more.
5 Documents and Decisions that Keep You in Control of Your Healthcare When the Unexpected Happens
1. Create an Advance Directive
An advance directive is a legal document that allows you to express your wishes for medical treatment in situations where you are unable to make decisions for yourself and require some sort of care or treatment. Think of it as a list of instructions your doctors, healthcare providers, and family members can use to guide any decisions that may need to be made.
An advance directive often includes your living will – which is different from the “will” you use to bequeath your assets. Instead, a living will outlines your specific preferences for medical treatment like, for example, if you want life-sustaining treatments like artificial respiration or feeding tubes.
2. Appoint a Medical Power of Attorney (POA)
Another document that often comes attached to an advance directive is a medical power of attorney (POA), which is used in case a scenario occurs that isn’t covered under your living will.
Essentially, your medical POA is an individual you choose to make healthcare decisions on your behalf. When choosing a medical POA, it’s crucial to consider who you trust to stay calm under pressure, honor your values, and be willing to take on the role.
Keep in mind that the role of a medical POA can be emotionally demanding, and the person you choose doesn’t have to accept the role – so it’s a good idea to have the conversation now.
3. Put a “Just in Case” Medical File Together
A well-organized “just in case” medical folder can make a world of difference in the event that you need sudden care and there simply isn’t time to track down all your various medical records or healthcare planning documents.
We recommend you put together your:
- List of doctors and providers and their contact information.
- Your medical history, including any significant illnesses, surgeries, allergies, and chronic conditions.
- Any medications you are taking.
You can also store copies of your advance directive, living will, and medical POA here if you feel so inclined. Once you have your folder compiled, be sure to store it in a safe but easily accessible place and let at least one trusted person know where it’s located.
4. Consider What Type of Long-Term Care You’d Prefer
Maybe a sudden health emergency requires round-the-clock care. Maybe you simply need additional assistance with things like bathing, dressing, or eating. Whatever form it takes, recent studies show that roughly 70% of us will need long-term care (LTC) at some point in our retirement years.
As you create your healthcare plan, think through how and where you would ideally like to age. For 92% of seniors, “aging in place” – or within the comfort of their own homes – is the top choice. If that’s no longer a possibility, consider what kind of nursing home or assisted living facility you would be most comfortable living in.
If there are any particular facets of LTC facilities you want to avoid or any that are a “must” in your mind, be sure to discuss them with your loved ones and add them to your healthcare planning documents.
Related: Click here to listen to “How Can You Stay Active in Retirement?”
5. Take Care of the ‘Two As’ for All Your Accounts
When it comes to your healthcare and personal accounts, you want to make sure that at least one person has the two As:
- Awareness
- Access
If your loved ones don’t have access to an account (or don’t even know about it), then taking care of it could be a huge headache. Maybe you save your logins somewhere, maybe you make them admins on your accounts, but whatever you do, make sure someone is aware and can access those accounts.
You might want to include the following, as well as what company the funds are managed by:
- Medicare plans or other health insurance plans you are enrolled in
- Long-term care insurance plans you have purchased
- Your Health Savings Account (HSA)
Remember, your financial planner can help you review your accounts and figure out the best plan of action for you specifically.
Related: At What Age Do I Qualify for Medicare?
By taking the time to create key documents, discuss your wishes with loved ones, and explore your long-term care options, you can ensure that your voice is heard and your wishes are respected, even when the unexpected happens.
Create a Financial Plan for Your Life
We can help you navigate healthcare planning decisions and integrate them into your overall financial strategy. Click here to schedule a free consultation with a member of our team today.
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