“Death is something inevitable. When a man has done what he considers to be his duty to his people and his country, he can rest in peace.” -Nelson Mandela
Are you among the 66 percent of Americans who have not prepared a will? You have worked hard your entire life. Whether you have a huge nest egg set aside or have opted to live more simply, it is important to take care of these details. MediGap Advisors is here to help you get your affairs in order.
To maximize the protection of your estate, I highly recommend that you have the following:
Last Will—If you don’t have a will, your estate will likely end up in probate where a judge will decide how to allocate your assets. While some estates require the assistance of an attorney, those with simple assets don’t need to spend a lot of money to make their wishes legally clear. Visit our Additional Benefits page for a free will preparation service we recommend: http://www.medigapadvisors.com/member-benefits.htm
Living Will and Advanced Directives—These documents help ensure that your end-of-life medical care and treatment are carried out according to your wishes. Here’s a free resource that may be helpful: www.doyourownwill.com/free-living-wills.html
Life Insurance Policies—It’s important to protect the loved ones you leave behind. A life insurance policy can help pay any outstanding financial debts as well as burial expenses: http://www.MediGapAdvisors.com/term-life-insurance.htm
Long-Term Care Insurance—Neither Medicare nor Medicare supplement plans cover long-term care expenses in a nursing home or assisted living facility, and costs can easily exceed $65,000 to $90,000 per year. Long-term care insurance is critical in protecting your financial interests during retirement and providing financial stability to a spouse or other heirs. Learn more here: www.MediGapAdvisors.com/long-term-care.htm
Legal Representative Designations—It’s important to designate a trusted administrator to handle your interests should you become unable to do so. Whether you have a personal attorney or a trusted family member capable of executing your business affairs, you’ll need the following safeguards in place:
Durable Power of Attorney—Appoints a trusted individual, whom you designate, to act on your behalf. You can decide exactly what that means, and you can revoke those rights at any time.
Authorized Release of Information—Allows release of records and information by the Social Security Administration, Veterans Affairs, or health providers to a person (or persons) whom you designate.
Although it might be tempting to put off securing your estate, there is no better time than right now to make sure your affairs are in order. Not only will your family be grateful that you planned ahead, but you will also live the rest of your (hopefully long and happy!) years knowing that you have done everything you can to protect your legacy.
Wiley Long is founder and president of Medigap Advisors, and is passionate about helping people navigate the confusing waters of Medicare. He is the author of The Medicare Playbook: Designing Your Successful Health Coverage Strategy, a clear and simple explanation so you can make the most of your Medicare coverage. For more information visit www.MediGapAdvisors.com.