Durable power of attorney for health care
Posted on July 19, 2009 - Filed Under Health |
Talking about wills and trusts, I’ve heard people say, “I don’t care about any of this, because I am spending every penny I have while I am alive.” In a way, I understand this.
Once you die, it’s not your problem anymore, is it?
But what if you don’t die right away? What if you have a stroke or a skiing accident? What if you are incapacitated to the point where you are put on life support, with virtually no chance of survival? What would you want to have happen then? If you do not decide now, someone else may decide for OU later.
My practice is riddled with people who come to see me when it is too late, when all the money in the world won’t make a bit of difference. Too many times, failing to take action in time creates more misery in miserable situations.
For example, most health insurance policies today have limits stating the maximum that they will pay out for an illness. This maximum varies from policy to policy, but the average is about $1 million. After your insurance company has paid out $1 million in benefits, they’re done. With the skyrocketing cost of hospitalization, I am sure you can imagine that it would not take long to reach the maximum of your health insurance policy if you happened to be on life-support systems in a hospital. Once those health insurance policy maximums have been reached, it is your loved ones who will be responsible for the medical bills that keep piling up. Having a durable power of attorney for health care is part of being responsible to them not only on an emotional level, but on a financial level as well.
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