Tailored estate planning can address medical care, costs

Here’s a central irony related to health insurance: Although federal law changes have in recent years greatly reduced the number of Californians and other Americans without health coverage (one estimate concludes that as many as 15 million more people have become insured since 2013), being a policyholder has done little to shield many people from financial ruin in the event of a material medical illness.

Some readers of our Tustin estate planning blog might not readily appreciate the disconnect that still features for many people who have insurance and yet are mightily challenged by a punishingly high amount of medical-related debt.

We suspect that a number of those readers simply don’t get sick and confront the dire reality that millions of individuals and families across the country face when illness strikes.

Candidly, the typical insurance card sitting in the wallets of policyholders is not of the same utility as it was in bygone years. Today’s version often features a high co-payment for every care-related visit, along with deductible amounts and out-of-pocket maximums that greatly exceed what used to be the norm.

The bottom line: Medical debt can suddenly and unexpectedly wipe out an individual or family financially. About 20 percent of all respondents in a recent poll indicated that medical debt was a source of material challenge in their lives, notwithstanding their extant insurance coverage.

High medical costs are quite simply a huge concern for millions of Americans, and one strong reason why many people might reasonably want to think about and implement a sound estate plan that factors in medical matters to the fullest extent possible.

A proven estate administration attorney can address considerations that include long-term care planning, health care directives, the protection of loved ones with pressing medical conditions and additionally related matters.

Medical costs are a stark concern for families in California and across the country. They also comprise subject matter that is routinely considered by a proven estate planning attorney.

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