Any conversation about planning for incapacitation or death is uncomfortable for many people, especially if you are having the discussion with your parents. It is important to remember however, that this discussion while uncomfortable will spare you additional stress and pain when you and your family are going through a crisis.
Health savings accounts are accounts that are paired with high-deductible health plans. They are also a tax-efficient way to save for retirement offering savers a triple tax advantage, via tax-free contributions, investment growth and withdrawal (if money is used to pay qualified medical expenses). To qualify for an HSA you must have a high-deductible health care plan (HDHP) and must be 18 years old.
Retirement is just over the horizon and while most people have making ends meet during that period on their minds there is another extremely important part of aging that should be explored. Medicare! There is a 7-month initial enrollment period that begins 3 months before you turn 65, the month you turn 65 and 3 months after you turn 65. If you do not sign up during that window of time you will be penalized for late enrollment, which comes in the form of higher premiums (typically a 10% increase premiums).
The California EMS Authority along with the California Medical Association and EMS providers in California developed a PreHospital Do Not Resuscitate DNR Form to instruct EMS to not provide resuscitative measure for patients having a heart attack. This would include CPR, assisted breathing, intubation, defibrillation and drugs to stimulate the heart. It does NOT include treatment for pain, difficulty breathing such as an obstructed airway or asthma treatment, or major bleeding, etc. The form must be signed by the patient or their healthcare decision-maker and be CLEARLY posted or maintained with the patient. California EMS does recognize and honor Medallions or bracelets worn by the patient, however, there are only three Approved Medallion Providers for California: Sticky J Medical ID, based in Florida; MedicAlert Foundation, based out of Salida, CA; and Caring Advocates, based out of Encinitas, CA.
There are several planning tools at our disposal to help clients handle the often times very unpleasant idea of what happens to both our finances and ourselves if something horrible should befall you. Ones of particular urgency are executing documents for durable power of attorney and advance health care directives.
If you are in very good health, a high-deductible medical plan is an excellent way for you to cut your healthcare costs. Firstly, (and most obvious) it brings down your monthly premium. But, did you know that most of these plans can be coupled with a Health Savings Account (HSA)? You can save up to $3,450 (as an individual) for 2018. This gives us yet another avenue to save toward debts or toward your retirement. It is critical to any financial plan that individuals take advantage of any and all programs that fit their situation.
