Ensure That Their Loved Ones Call the Right Doctor
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Americans are increasingly focused on their health and wellness, spending billions of dollars per
year on products and services such as gym memberships, fitness trackers, healthy foods,
supplements, and alternative medicine.1 Mindfulness and meditation practices are also
becoming mainstream2 as Americans pay more attention to their mental health, while telehealth
lets us connect with healthcare providers whenever and wherever we need them.
This greater emphasis on our physical and mental well-being, however, stands in stark contrast
to our lack of advance healthcare planning. While some Americans are diligently counting their
steps, watching what they eat, and trying to live longer, healthier lives, many have failed to plan
adequately for their future healthcare and what could happen in a medical emergency. One
simple list can help address this shortcoming.
The Healthcare Planning Gap
The COVID-19 pandemic accelerated the trend of Americans taking a more proactive role in
their health.3 It also prompted more Americans to create estate plans as we contemplated our
mortality.4 However, the percentage of Americans with a will has since fallen back to
prepandemic levels of around one-fourth.5
The number of people who have created a healthcare power of attorney is slightly higher than
those who have created a will, but not by much. According to a study by Penn Medicine, the
systematic review of approximately 795,000 people in 150 studies found that only 29.3 percent
had completed an advance directive, including just 33.4 percent who had designated a
healthcare power of attorney.6
The lead researcher in this study said that this lack of surrogate decision-makers and end-of-life
care instructions means that the treatments most Americans would choose near the end of their
lives are often different from the treatments they receive - a disconnect that can lead to
"unnecessary and prolonged suffering."7
Ensure That Clients Get the Care They Need - and Want
Clients who do not plan for medical contingencies, from sudden illnesses or injuries to gradual
declines in cognitive abilities, could be forfeiting the ability to express their treatment
preferences.
They might not realize that, absent medical directives such as a healthcare power of attorney,
doctors may be forced to make critical decisions without a clear understanding of their wishes.
This can lead to delayed care, unwanted treatments, family disagreements over the best course
of action, and court intervention in some situations.
Even if a client has a power of attorney for healthcare, this document alone may not be enough
to ensure that the treatments they receive are the ones they need - or would choose
themselves. It may be necessary to have an advance directive or living will to help elaborate on
the client's wishes. If your state does not recognize advance directives or living wills as legally
valid, your client can still leave a letter of instruction to their healthcare power of attorney to
share their thoughts and desires.
While your clients may have authorized a trusted person to make medical decisions on their
behalf when health problems prevent them from making or communicating those decisions
themselves, their healthcare proxy (their agent) needs additional context to make the
appropriate choices. This should be organized in a document that lists the following information:
- Doctor's name and specialty. In a stressful situation, seemingly obvious details like these
can be easily forgotten.
- Doctor's contact information. Include the office phone number, after-hours contact
number (if available), and the provider's office address.
- Current health conditions. List any chronic illnesses or ongoing medical concerns the
doctor is managing.
- Medication list. Provide a complete and up-to-date list of all medications, including
dosages, frequencies, and the reasons they are being taken.
- Healthcare power of attorney. Confirm that a healthcare power of attorney is on file with
the doctor's office.
- Insurance information: Knowing the details of their insurance information and coverage
can facilitate timely access to care and billing.
In addition to the provider's office, it is a good idea to store a healthcare power of attorney in
several other strategic locations, such as the agent's home, with trusted family and friends, and
at an attorney's office. The client might hold on to the original, but copies and digital files can
ensure access in an emergency.
You can also make yourself available to support the client and their agent in the event of a
health crisis. For example, depending on your areas of expertise, you can help them navigate
medical expenses, health insurance coverage, claims filing, Medicaid eligibility, financial
planning, and related concerns.
By having a conversation with your client about advance directives and how they fit into their
long-term planning goals, you can strengthen your position as an advocate for the client, their
agent, and their family.
For younger, healthier clients, you can mention the disconnect between the growing emphasis
on wellness and the relatively low rates of advance care planning. They may be focused on
optimizing their health today, but what about their future healthcare? Older clients, especially
those with a chronic illness, can also be (gently) reminded that they are at higher risk for critical
illness and death and need documents addressing these concerns.
The wellness market offers significant business opportunities. Gaps in clients' healthcare
planning open up potential areas where advisors can collaborate for our mutual benefit and the
benefit of our clients. Contact us to discuss advance directives and how we can work together
on client plans that address all aspects of their well-being, now and tomorrow.
MEREDITH | PC
4325 Windsor Centre Trail
Suite 400
Flower Mound Texas 75028
214-513-1013
This newsletter is for informational purposes only and is not intended to be construed as written advice about a Federal tax matter. Readers should consult with their own professional advisors to evaluate or pursue tax, accounting, financial, or legal planning strategies.
You have received this newsletter because I believe you will find its content valuable. Please feel free to Contact Me if you have any questions about this or any matters relating to estate planning.
