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Tim Barton, Chartered Financial Consultant

Pepin Wisconsin
715-220-4866

May 4, 2016 by Tim Barton Leave a Comment

About Advanced Directives

About Advanced Directives

Advance Directives are a way to “have your say” about the type of care you receive (or don’t receive) in theautumwalk event you suffer a catastrophic medical event, such as a stroke or an accident, that leaves you unable to communicate your wishes. Every adult should plan ahead by completing an Advance Directive that specifies his or her personal preferences in regard to acceptable and unacceptable medical treatments. There are two types of Advance Directives:

Living Will

A Living Will states your preferences regarding the type of medical care you want to receive (or don’t want to receive) if you are incapacitated and cannot communicate. You specify the treatment you want to receive or not receive in different scenarios.

Medical Power of Attorney

Also known as a durable power of attorney for health care or a health care proxy, a Medical Power of Attorney names another person, such as your spouse, daughter or son, to make medical decisions for you if you are no longer able to make medical decisions for yourself, or you are unable to communicate your preferences.

Note that a Medical Power of Attorney is not the same as a Power of Attorney, which gives another person the authority to act on your behalf on matters you specify, such as handling your financial affairs.

Important Points to Remember

  • Each state regulates Advance Directives differently. As a result, you may wish to involve an attorney in the preparation of your Advance Directive
  • You can modify, update or cancel an Advance Directive at any time, in accordance with state law.
  • If you spend a good deal of time in several states, you may want to have an Advance Directive for each state.
  • Make sure that the person you name to act for you – your health care proxy – has current copies of your Advance Directive.
  • Give a copy of your Advance Directive to your physician and, if appropriate, your long-term care facility.

Filed Under: Personal Finance, Retirement Planning Tagged With: Aging, Health, health care, lifestyle, Retirement, retirement planning

August 1, 2015 by Tim Barton 6 Comments

Medical Annuities Pay More

You are wondering what to do after your doctor explains you have a serious medical condition.  Not only is the thought of living out your remaining time, perhaps a bit impaired disturbing,  you and your spouse are wondering how to make your money last.  With the possibility of a future filled with increased medical bills and current yields at record lows,  you fear your savings are going to have to be drawn down to the point of depletion.

A possible solution is the medically underwritten annuity.  When applying for a medical annuity you provide your medical records to the insurance company who will then review them to determine your actuarial age.

After determining  the actuarial age it is compared to your chronological age and if  actuarial age is greater the annuity’s monthly income is increased accordingly.  This adjustment can be done jointly  even if your spouse’s health is good.

It has always been important and more so in this low interest rate environment to make sure a retiree’s savings lasts the rest of their and their spouse’s life.  The effort put into getting quotes on a medical annuity can bring a welcome peace of mind making it time well spent

On the positive side; medical science continues to advance at a fast pace so the initial prognosis could  in the end, turn out to be wrong, in which case you get to enjoy good health and a higher than normal lifetime income stream.

You may ask questions in the comments or contact me privately:

Tim Barton

Chartered Financial Consultant

Filed Under: Longevity, Money Saving Tagged With: business, finance, Health, health care, Longevity, Money, retiree, Retirement, retirement income, Tim Barton

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