Health Care Planning: Protecting Partner due to Hospitalization

Laurie Flynn is a Financial Advisor with Smith Barney and is a supporter of Queercents. She’s written a few posts these past weeks on the topic of insurance and investing. These are her words’¦

What steps should I take to protect my partner or myself if one of us is hospitalized?

Empower Yourself
Hospitals and doctors will typically turn to family members in medical emergencies to make decisions about care. Some medical professionals will not recognize a same-sex partner as a family member. If you or your partner is hospitalized, a properly drafted health care proxy will enable each of you to make medical decisions for the other in the event of incapacity.

Insure Yourself
Statistics suggest that if you are under the age of 65, you have a greater likelihood of being disabled than you do of dying. For lesbians and gay men, disability coverage can take on added importance, especially if a partner is estranged from family members and lacks a traditional support network. Your Financial Advisor can review your current policies and work with an insurance specialist to help provide adequate coverage.

Care for the Long Term
Because you and your partner cannot transfer Social Security or pension benefits, you should also consider long-term care insurance. Long-term care can extend the time you can live comfortably and independently in your home. Long-term care insurance is a way to receive the 24-hour, seven-day-a week assistance that you need when a serious illness or disability leaves you unable to care for yourself or your partner for a period of time. Long-term care can be provided at a nursing facility, assisted living facility, alternate care facility or even at home. Depending on the particular plan, rates vary according to your age and current medical health. Your Financial Advisor can work with legal and insurance specialists to help you find the right policy, including one that offers a couple’s discount to same-sex partners.

This is one article in the Building Financial Security Brochure available to you free of charge. Please contact Lauri Flynn for your free copy at (800) 624-0292 Ext. 2315 or if you prefer: laurie.flynn@smithbarney.com