This isn’t always a fun topic but very necessary.  We can’t stress enough how important it is to have both a medical and financial power of Attorney in place.

Health Care Power of Attorney

We are not giving legal advise BUT, if you have a major health crisis and you can’t act on your own behalf, a Health Care Power of Attorney would give someone else who you trust the ability to make important decisions on your behalf.  This often would be a spouse or it could be an adult child. I recommend setting up more than one in case someone isn’t available or able to act. The power of attorney must be set up when you are still mentally capable to designate someone(s) to act on your behalf. This would alleviate having to go to court AFTER the fact in the midst of a crisis. This would help your Power of Attorney make the best decisions on your behalf when you are unable to.

Financial Power of Attorney

A Financial Power of Attorney gives your authorized representative the ability to manage your finances without having to go to court and pay legal fees in order to do so. This could include paying Medicare Supplement Insurance payments and choosing the most suitable Medicare Health and/or Prescription Drug plan for you if you are not able to do so yourself.

We often have clients that can no longer do this themselves and it is so much easier when they have a Power of Attorney(POA) able to step in and help. It is also illegal for even a spouse to fill out a Medicare Plan application without having a legal Power of Attorney in ALL States.

Please note: A Power of Attorney can’t change your will or change the POA to someone else.

Don’t wait! Take action. If you have loved ones that someday may rely on your help, please make sure these important documents are in place. Contact an attorney or go to legalzoom.com

It is important to have both a medical and financial power of attorney in place before you find yourself in a crisis.

Here is a quick video from a couple years ago where Rick talked about this very subject.

Have different questions about retirement or Medicare, visit our FAQ section on our website.