When creating an estate plan, most people think about financial assets, property distribution, and other tangible items. However, planning for healthcare decisions is just as crucial. In the event you become incapacitated or unable to communicate your medical wishes, a clear healthcare plan can ensure your desires are respected and followed. Here’s how you can incorporate healthcare decisions into your estate plan.
1. Create a Healthcare Power of Attorney
A Healthcare Power of Attorney (POA), also known as a medical power of attorney, allows you to designate someone to make medical decisions on your behalf if you’re unable to do so. This individual, often referred to as your “agent” or “proxy,” should be someone you trust to follow your wishes and act in your best interests.
- Choosing Your Agent: Select someone who understands your values and preferences, and is willing to make difficult decisions under pressure.
- Communication: Make sure to communicate your healthcare preferences to your agent so they are prepared to advocate for you when needed.
2. Draft a Living Will (Advance Healthcare Directive)
A Living Will is a legal document that outlines your wishes regarding end-of-life care, including treatments you want or don’t want if you’re terminally ill or in a permanently unconscious state. This can include decisions about life support, resuscitation, and feeding tubes.
- Specificity: Be as specific as possible about the types of medical interventions you would or wouldn’t want.
- End-of-Life Wishes: Include instructions on pain management, organ donation, and funeral arrangements if applicable.
3. Include HIPAA Authorization
HIPAA (Health Insurance Portability and Accountability Act) laws protect the privacy of your medical records. By including a HIPAA Authorization in your estate plan, you allow your healthcare agent or family members to access your medical information. Without this document, even close family members may face challenges obtaining your medical records, which could delay important decisions.
- Granting Access: You can choose who has access to your medical records and the extent of information they can view.
- Timely Decision Making: HIPAA authorization ensures that your healthcare proxy can make informed decisions quickly in an emergency.
At Modern Law, we integrate a many of these documents into one singular document, saving you and your family time and confusion during difficult situations.
4. Consider Long-Term Care Planning
Long-term care, such as nursing homes or in-home care, is an essential component of healthcare planning in your estate plan. Without proper preparation, the cost of long-term care can quickly deplete your estate. Options to consider:
- Long-Term Care Insurance: This insurance can help cover the cost of long-term care services, reducing the financial burden on your family and estate.
- Medicaid Planning: If you expect to rely on Medicaid for long-term care, it’s essential to work with an estate planning attorney to ensure you meet eligibility requirements without losing your assets.
5. Review and Update Your Plan Regularly
Healthcare preferences may change over time, so it’s important to review and update your healthcare directives and powers of attorney regularly. Life events, such as the birth of a child, a major illness, or a change in relationship status, may necessitate revisions to your estate plan.
- Periodic Reviews: Revisit your healthcare documents every few years, or whenever significant changes in your life occur.
- Ensure Accuracy: Make sure all contact information for your healthcare agent and other key individuals is up to date.
6. Communicate Your Wishes to Loved Ones
It’s vital to have conversations with your family and loved ones about your healthcare wishes. While these conversations can be difficult, they ensure that everyone is on the same page and help avoid disputes if you are unable to make decisions for yourself.
- Open Discussion: Discuss your living will and healthcare preferences with close family members.
- Minimizing Confusion: Clear communication can help avoid family disagreements during critical moments.
Conclusion
Incorporating healthcare decisions into your estate plan is a crucial step in ensuring your medical preferences are followed when you are unable to speak for yourself. From appointing a healthcare power of attorney to outlining specific treatment preferences in a living will, a comprehensive estate plan provides peace of mind for both you and your loved ones. If you need assistance in planning for healthcare decisions, contact Modern Law at 417-200-2500 to schedule a consultation. We proudly serve clients in Joplin and Springfield, Missouri.
Written by Jacob Adamson
Jacob Adamson is a knowledgeable estate planning attorney with a focus on helping clients navigate long term health considerations within their estate plan.