Over the recent years, people have become acutely aware of the problems with the nation's healthcare system. The Affordable Care Act is just one attempt at solving various issues with healthcare in Maryland and other states. Many experts believe there is not a single action that could ultimately fix the situation. However, one action that every person can take to help alleviate some of the costs on the healthcare system is to make sure to have a healthcare power of attorney and a living will in place.
Having these essential estate planning documents will help avoid unnecessary healthcare costs in the case that an someone is incapacitated and cannot make medical decisions for him or herself. This can make a difference when a medical decision must be made quickly in order to avert even further medical expenses after something unfortunate has happened. It can also help improve the quality of life of somebody who is on his or her deathbed.
A living will details the type of medical care one desires in the case that he or she becomes incapacitated. The healthcare power of attorney specifies the person who should have the authority to make medical decisions on the incapacitated individual's behalf. Medicare statistics revealed that $55 billion was spent on medical care during the final two months of life in 2010. Therefore, having more individuals who are able to make prudent medical decisions during this time could substantially reduce this amount.
On the other hand, when drafting the healthcare power of attorney and the living will, Maryland residents need to make sure to use the proper legal language. Failure to do so may cause the estate planning documents to be challenged in court. Once these legal documents are correctly formatted and drafted, they will help protect one's family from having to absorb any unnecessary medical expenses.
Source: azcentral.com, Living will, power of attorney save money, family conflict, Peter Fine, Jan. 26, 2014