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It will happen to all of us some day. Whether eventually or suddenly, you find you need the help of a spouse, child, close associate or employee to pay your bills or coordinate your healthcare. Will you be ready when the time comes?
Most of us keep everyone at arm's length when it comes to the bookkeeping details of our lives. Our personal affairs, including how much money we have, how much insurance, even the location of our important papers, are all secret. Then something happens, like an accident, declining health or even an unexpected trip, and suddenly someone else needs access to all of that information.
The staff at Dynamic-Living.com has prepared a list of financial and healthcare related tips. These ideas will make it easier for you to maintain your personal information so that someone else can make sense of it when the time comes.
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Finances
Keep a list or folder with all the key financial information.
- List bank accounts, credit cards, investment accounts, trusts
and retirement fund accounts. Include the name of the bank or
firm, it's phone number, a contact name if appropriate, the
type of account and the account number.
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List your insurance policies, their account numbers and what
they cover (home, health, long term care, car) along with phone
numbers and contact names. This is also an excellent time to
review your coverage to be sure your future needs will be met.
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Make sure you include notes about any advisors or unusual
financial arrangements you have made. You may remember the
transaction clearly, but if you are not there to explain,
someone else might not understand.
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List where your important documents are located, like tax
filings, property titles, deeds, liens and military papers.
Ease the burden of paying bills.
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Medical
Keep a list or folder with all medical account information.
- Date of birth and social security number
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Health insurance, Medicare or Medicaid numbers
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List your doctors, pharmacies and other health care services (chiropractor, optician, OT, PT, etc) with their phone numbers. Indicate the kind of service they provide so there is no guesswork for someone else.
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Keep a medical history available that indicates any serious diseases or surgeries you've ever had as well as any significant illnesses over the past 3 years. Include current conditions, allergies and reactions to medication. List any long term medications you've taken, even if you stopped taking it. An example might be hormone replacement therapy or low dosage antibiotics.
Ease the burden of managing medications
- You can order medications and over the counter drugs online. Many online companies have reminder services and some offer automatic refill programs.
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List all medications that you are taking currently. Include prescription, over-the-counter drugs (i.e., ibuprofen, aspirin, laxatives, sedatives, decongestants, etc.), vitamins and herbal remedies. Include the dosage and how often it is taken.
Prepare for the more difficult decisions
- Bring your Will up to date. Consider a living will, health care proxy and power of attorney. It is important to decide what your preferences would be in the event of a medical emergency.
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Think through your preference for funeral arrangements, including your disposition and even whether there should be an announcement in the local paper.
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Make sure that your family and care providers are made aware of your decisions.
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While being a burden is the last thing most of us want to be, our desire to be private makes it easy to ignore the inevitable. At some point, someone else is going to know what we know and participate in our financial or medical well being. If you are ready with your information and wishes, it will be much easier for everyone to manage when the time comes.
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© Copyright 2005
Dynamic Living, Inc.
Dynamic Living Newsletter may only be redistributed in its unedited form. Written permission from the editor must be obtained to reprint or cite the information contained within this newsletter.
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