Which Documents Do I Need If My Loved One Needs Care?

#9 Tip: Locate Important Documents.

Find the documents that will help caregivers respect patient wishes, authorize a medical or financial decision-maker, and help pay the bills.

Important Documents

In this case we are looking for documents that will help pay for care, grant access to medical or financial information, help determine your loved one’s wishes or appoint someone to make medical or financial decisions.

Medical care documents

• Individual or Group health insurance
• Medicare insurance
• Part A & B Medicare
• Part C – Medicare Advantage member
• Medigap (Medicare Supplemental Insurance)
• Part D prescription drug
• Accident insurance

Documents needed for accessing medical and financial information.

• HIPAA medical records release form
• Financial records release form

Documents related to decision making

• Financial Power of Attorney (or Durable Power of Attorney for financial decisions)
• Medical Decision making
• HIPAA authorization
• Advance directive
• Durable Power of Attorney for health care
• Letter of Instruction (may include financial information as well as medical and end-of-life requests)

While medical care is typically covered by health insurance, short or long term care usually is not.

Documents that may include short term or long term care benefits.

• Group or Individual disability insurance
• Traditional long term care insurance or hybrid long term care insurance
• Life insurance
• Annuities
• Short term home health care, Recovery care, Critical Care, Home care membership, accident insurance

How to Find Out If Someone Has Life Insurance

Recent life insurance policies (within the last 5-10 years) often have benefits for providing care to the insured while they are alive. Most active life insurance policies have a market value when the insured is 65+ years old or in cases of terminal illness. So, when looking for funds pay for care, it makes sense to look for a life insurance policy. The tips below work for most insurance policies.

Locating a lost policy.

• Look for related bank statements, address book entries, cell phone contacts, or applications for other kinds of insurance (other policies are sometimes listed).
• Reach out to financial advisers, tax accountants, investment brokers for clues.
• Contact employers (current or previous) for records of policies purchased as part of benefits packages.
• Review income tax returns.
• Check the database for insurance applications (no database covers all insurance policies).
• Check out MIB’s Lost Life Insurance page.
• Contact the state insurance departments’ free search services.

Next Steps:

Download the checklist below to help organize your loved one’s important documents. If you have questions about the insurance policies you discover, set a time to meet with one of our specialists for a review.