Dear Toni: I am turning 65 and retiring from my current employer and will no longer have health insurance benefits, life insurance and dental and vision benefits. My husband will still be employed with benefits from his current employer.
I have been told that if I do not have a power of attorney or other legal documents for both of us, we could have a major problem. In the event of a serious health issue — such as a stroke or accident — if we cannot decide things for ourselves, our family would have to go to court and file for legal guardianship to represent us.
I am not sure what type of attorney we’ll need, and I want to make sure that we have the legal documents processed correctly. — Jessica, Tulsa, Oklahoma
Dear Jessica: Many Americans are struggling with this issue.
The Toni Says Medicare team advises everyone to seek an elder law attorney or legal aid center to draft a new or updated power of attorney, medical power of attorney and living will. These three legal documents can reduce your stress during a medical crisis.
Here’s a look at why each one is important:
■ Power of attorney: This is the cornerstone of a financial plan. It appoints someone to manage your financial affairs in the event of illness or incapacity. This is critical to ensure your independence. Without this written document, you risk having your affairs managed by a court-appointed guardian, often a stranger under court supervision, leaving you and your family without the ability to offer input.
■ Medical power of attorney: This gives someone you trust the legal authority to act on your behalf regarding health care decisions if you ever become incapacitated or unable to communicate.
■ Living will/advance directive: This is a written statement that details the type of care you want (or do not want) if you become incapacitated. A living will bears no relation to the conventional will or living trust used to leave property at death; it is strictly a document to spell out your health care preferences or wishes.
For more information about advance care planning, visit medicare.gov and search for an attorney near you who specializes in elder law or estate planning.
Toni King is an author and columnist on Medicare and health insurance issues. If you have a Medicare question, email info@tonisays.com or call 832-519-8664.
