Health care may not be the number one reason you think to hire a Power of Attorney, however the person you allow to manage your finances has the potential to play a very crucial role in the health care that you receive. You have the ability to hire the same person to manage both your health care decisions and your finances; this requires filling out two separate documents. These documents include Power of Attorney documents and the health care proxy documents.
Power of Attorneys have a role in determining Medical treatment, Medical insurance, Medicare health and drug plans, etc. Rules of what your POA can do may vary by state, but you can also alter the limits yourself. You should always also name a backup agent in the case your primary POA cannot fulfill his duties.
Here is a list of some things you can give you POA the ability to do:
- Change or manage your health insurance policies and plans.
- Collect Medicare, social security and other government benefits on your behalf.
- Manage your funds to help you pay for long-term services, like an assisted living facility or in-home help, or medical treatments.
- File your taxes.
- Conduct banking transactions.
- Manage your property, investments, or retirement accounts.
It’s important to think in advance about the kind of help you may need when it comes to your health care. Consider how having a Power of Attorney can coincide with your Medicare needs. If you have any additional questions on this process or how your POA can help with your Medicare, call our Benefit Specialists at Senior Financial Group at (865) 777-0153.