March 29, 2019

Planning for the Unexpected

By Telly Papanikolaou
Program Director, Alternatives

Life’s twists and turns can take us by surprise which is why it’s important to plan for unexpected events related to health and finances. Advanced financial planning gives us control and options for effectively dealing with these possibilities. It relieves the stress of decision-making from family members/caretakers, it saves money and helps to avoid potential financial disaster; and it allows time for gathering information and comparing options to determine which path to take.

Preparing for future health problems. The need for long-term care can occur at any age due to strokes, head injuries, accidents and other disabling events. Those that pre-plan will be better equipped to cope in the event of a disability. Consider taking the following steps before you or a family member becomes ill: Prepare a plan by reviewing your income/expenses. Ensure that trusted family members know where to locate personal documents. Establish direct deposit whenever possible (i.e. for Social Security income) so that it can be deposited directly into your bank quickly and safely. For recurring bills, consider automatic payment options.

Do you have a durable power of attorney? This legal document gives one or more people the authority to handle finances and remains in effect until you become incapacitated. Ensure that you are properly insured and try to maintain a healthy lifestyle. Obtaining a health care power of attorney is intended to ensure that one’s wishes regarding medical care are honored by a designated family member or trusted person to make decisions about medical treatment.

What about disasters, such as fires, floods, tornadoes or similar events that can force people to evacuate their homes-are you financially prepared for them? Natural or man-made disasters can strike anywhere at any time and without warning. Your safety and basic needs should be considered in terms of the cost of dealing with these financial challenges, such as for obtaining temporary housing, food, clothing, medications, etc.

In case of an emergency, have the following documents
readily available in a secure place: Identification (i.e. driver’s license, passport, birth certificate, Social Security card), checkbook (minimum month’s supply), bank cards (credit/debit/ATM cards, etc.), cash, phone numbers of your financial service providers including account numbers, a key to your safe deposit box if you have one (store important documents that you
may need quick access to). Remember while gathering this important information to make backup copies of documents such as electronic images for easy storage; give a copy of your documents to loved ones or let them know where to locate them in an emergency; store backups at some distance from your home in case a disaster impacts the entire community; keep a record of credit/debit cards and account numbers to report lost/stolen cards. Some documents you may want to store in a safe deposit box at your bank (papers that could be difficult to replace, i.e. birth certificate), but not anything that you might have to access quickly. Taking these things into consideration can save valuable time, energy and money in the long run.

Respectfully,
Telly Papanikolaou
Program Director
Alternatives

Filed Under: Health & Wellness, Personal Growth

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