Family Medical Planning

By Amy Rose Herrick

Why would I need to write a whole book about multi-generational medical planning issues?

I have seen the real life results of those who planned for a medical emergency in advance and the tragic results of those who have not.

In this book you will learn what you need to know about many new or not yet well known medical resources potentially available to you, several different insurance product options with detailed explanations of each one and what are some of the most important legal documents to have in place before they are needed.

This book is designed for families at any age or stage of life to enable you to understand and discuss difficult situations you may face some day. Perhaps you have already experienced personally how just one major medical crisis can impact three or more generations. I have.

In every family, no matter who you define as your family, what affects one family member affects all family members at different levels.

For the small business owner your employees are a unique second family. Whatever affects your employee family affects your business day to day operations and your customer or sales retention. All of these are directly tied to your bottom line. Knowing how to protect your business cash flow from a catastrophic medical event for you or a key employee is a vital part of your ongoing operational plans that is too often ignored until a crisis occurs, and then it is too late to change your results.

This easy to read general reference tool was written without a lot of technical terms or the over use of abbreviated initials intentionally. Technical terms and jumbles of capital letters you don’t recognize instantly are distracting. I avoided using them whenever possible for your benefit.

This resource will guide you in many useful ways to customize a well thought out plan of action for your family before a medical crisis occurs.

At the end of the book is included a resource checklist for your convenience.

• Language: English
• Publisher: Amy Rose Herrick
• Release date: Feb 9, 2015
• ISBN: 9781310913921

Amy Rose Herrick

Amy Rose Herrick launched Money With Amy in late 2014 to enable her to share her wisdom and expertise acquired in her 30-plus years of experience in the financial services field.She is a Chartered Financial Consultant (ChFC).In 1991 Amy expanded her professional expertise and ongoing licensing becoming a qualified Insurance Agent for Life, Disability, Critical Illness, Long Term Care and Air Ambulance coverages. She also shifted her focus from corporate clients to an individual and small business clientele and she secured her series 6 & 63 securities representative licensing. Not satisfied that she had all the planning tools needed to advise clients to the best of her ability in changing economic climates, in the early 90’s she also took the necessary training and ongoing educational hours necessary to secure her ability as a tax professional.Amy's financial planning articles have appeared in numerous publications. She has accepted short term assignments for regular newspaper columns on specific items of public interest in addition to her private practice demands. She was selected to contribute two chapters to books that were collaborative efforts between multiple professionals.In addition to her writing and other business activities, Amy is a dynamic public speaker who is able to engage with her audiences by breaking down complex concepts into manageable ideas that are easily understood using custom designed presentations.Amy's planning expertise extends into situations that encompass corporate, individual and small business financial issues related to cash flow, debt structure, income tax reduction, charitable giving, business succession plans, mental or physical incapacity at any age, life insurance settlements for unwanted policies and overall estate planning.Amy and her family relocated from the Midwest to call the beautiful island of St. Croix their family home in early 2011.Amy continues to serve a wide range of clients on the U.S. mainland coast to coast as well as clients residing in the US Virgin Islands.She loves to travel and has a flair for art in her free time.

Book preview

Family Medical Planning

Amy Rose Herrick, ChFC

~~~

Smashwords Edition

FAMILY MEDICAL PLANNING. Copyright 2015 by Amy Rose Herrick. All rights reserved. No part of this book may be used or reproduced in any manner whatsoever without written permission except in the case of brief quotations embodied in critical articles and reviews. For information, address inquiries to Amy Rose Herrick at [e-mail].

Amy Rose Herrick’s books may be purchased for educational, business or sales promotional use. For information please write to: [e-mail] .

Smashwords Edition, License Notes

This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to your favorite ebook retailer and purchase your own copy. Thank you for respecting the hard work of this author.

For Randy,

Thank you for helping me in so many different ways every day.

Table of Contents

Introduction

Chapter One: Why is a Medical Event a Family Problem?

Susan’s Story

Statistics Are Ugly

$23,215 A Year and Rising

Chapter Two: Seven Steps to Take Now to Protect Your Family Assets

Step One: Various Health Plans

Step Two: Free Prescription Medicine or Discount Drug Resources

Step Three: Health Savings Accounts and Employer Sponsored Pre-Tax Plans

Step Four: Critical Illness and Key Man Critical Illness Insurance

Step Five: Long-Term Care and Disability Insurance

Step Six: Your Crisis Cash Plan

Step Seven: Secure Air Ambulance Coverage

Chapter Three: Insurance Products

Disability Income Replacement Insurance Overview

Long-Term Care Insurance Overview

Critical Illness Coverage Overview

Air Ambulance Coverage Overview

Chapter Four: Health Care Sharing Ministry Alternatives

Chapter Five: Important Documents

Document One: Financial Power of Attorney

Document Two: Living Will or Medical Directive

Document Three: Financial Power of Attorney

Document Four: Updated Will

Document Five: List of Insurance Policies and Coverage

Document Six: The Family Love Letter

Chapter Six: Special Considerations

Physically and Developmentally Disabled Family Members

Cohabitating Households

Conclusion: Getting Started

Suggested Coverages and Important Documents Checklist

About the Author

Books by Amy Rose Herrick

Introduction

Why would I write a whole book about multi-generational medical planning issues?

I have seen the real life results of those who planned for a medical emergency in advance and the tragic results of those who have not.

In every family, no matter who you define as your family, what affects one family member affects all family members at different levels.

For the small business owner your employees are a unique second family. Whatever affects your employee family affects your business day to day operations and your customer or sales retention. All of these are directly tied to your bottom line. Knowing how to protect your business cash flow from a catastrophic medical event for you or a key employee is a vital part of your ongoing operational plans that is too often ignored until a crisis occurs, and then it is too late to change your results.

This book is designed for families at any age or stage of life to enable you to understand and discuss difficult situations you may face some day. Perhaps you have already experienced personally how just one major medical crisis can impact three or more generations. I have.

In this book you will learn what you need to know about various insurance product options and important legal documents before they are needed.

This easy to read general reference tool was written without a lot of technical terms or the over use of abbreviated initials intentionally. Technical terms and jumbles of capital letters you don’t recognize instantly are distracting. I avoided using them