A cancer diagnosis will greatly impact every aspect of your life, including finances, insurance coverage, and estate planning. While you may have put your estate plan together prior to receiving a cancer diagnosis, not everyone has done so. If that is the case, the following are some considerations for putting together a plan or altering your existing plan after a cancer diagnosis.
Learn as Much as Possible About What the Future Could Hold
Following a cancer diagnosis, many people feel overwhelmed by the amount of information they receive. Despite this, it is important during this difficult time to ask a number of important questions to get a better understanding of your financial future. Once treatment for the cancer begins, many people discover that they have neither the time nor energy to address these issues. Some of the questions that you should ask include how much of your treatment will be covered by insurance and whether a loved one will act as a care manager or whether you will be the one tasked with handling these issues.
Provide Your Estate Planning Lawyer With Adequate Details
Many of the details involved with a cancer diagnosis can be difficult to share with others. After all, they affect some of the most intimate elements of a person’s life. It is important, however, to make sure that your estate planning attorney receives as much information as possible. Some types of information that you should likely share with your lawyer include the stage of your diagnosis, how the cancer is expected to impact your life expectancy, your prognosis regarding the disease and treatment, and what the anticipated costs of the cancer treatment will be.
Make Sure You Have the Appropriate Estate Planning Documents
A cancer diagnosis will often lead to accelerated treatment. As a result, it is important to make sure that you have the appropriate estate planning documents in place. Some of these include a power of attorney for financial matters to appoint someone to make financial decisions for you, a health care power of attorney to make health-related decisions for you, HIPAA releases that authorize a named individual to access your medical information, and a will to make sure that assets are distributed in accordance with your wishes.
Resolve Financial Issues
Unfortunately, many people discover that their financial futures are negatively impacted by a cancer diagnosis. If you have any type of insurance coverage, you will likely be in a better position to weather the healthcare costs that you are about to face. In addition to having insurance coverage, the out-of-pocket limits that you have available for medication can also have a substantial impact on your future financial health.
Speak with an Experienced Estate Planning Lawyer
A cancer diagnosis can leave you feeling overwhelmed and out of control. Engaging in estate planning at this time, however, can be particularly rewarding. If you need the assistance of an experienced estate planning attorney during this difficult time, contact attorney Jim A Lyon today to schedule a free initial consultation.