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3 Hidden Medical Costs To Plan For In Estate Planning

Accounting Services, Estate Planning, Wills

Everyone, absolutely everyone, needs an estate plan that is well written, thought out, and complete. Even if you don’t have a ton of money, you don’t own a home, and you don’t run your own business, you need an estate plan. Estate planning is a way to declare your wishes for what will happen if you can no longer take care of yourself and when you pass away. Estate planning eases stress on your loved ones and lets you make decisions about your legacy.

However, there is something else you need to think about in estate planning: the rest of your life. You are going to need some money for your medical care. While many people can look at the medical histories of the people around them, they may not accurately prepare for some hidden medical costs.

Hearing Aids

Most people don’t realize it, but hearing aids can actually be quite expensive – and they are going to be more common in the coming generations. So many of us spend hours every day with earbuds in at full volume that the hearing aid industry is just waiting for us.

Hearing aids that are bulky and more evident aren’t quite as expensive, but most people do not want to use those – they want sleek, hard to detect, and easy to use. Of course, you also want to get a hearing aid that actually works and allows you to do the things you enjoy, like listening to music, seeing theater, and being active.

Updating Your Home

As we get older, our homes may need to be renovated or changed to help meet our needs. Perhaps you will need to install a lift to help you get upstairs, a ramp to get into your home, or make your entire home wheelchair accessible. You want to ensure that you have some funds to make necessary updates.

Of course, you can also prepare for this by buying a home that is accessible, such as a ranch style home. Even so, you may need to make some adjustments.

Caretakers

Who will take care of you when you get older? If your children live far away or you don’t have children, you may need to plan ahead. Perhaps you will have a live-in caretaker or caretakers that help you – you will need to pay those people.

Perhaps you will go into a nursing home or a retirement community – you will need to pay for those as well. The sicker you are and the more help you need, the more expensive it can be.

Who Will Make Your Medical Decisions?

Included in your estate plan should be something called a “medical advance directive.” This gives permission for someone else to make medical decisions on your behalf. This is particularly beneficial for those who are single or those who do not have children. If you do not want an estranged relative or virtual stranger to make medical decisions for you, you need to assign someone with this task. It is best to talk to this person before you need their services.

Top Estate Planning Services in South Africa

The truth is that an accountant is the best possible person to handle estate planning for many people in South Africa. While talking about what will happen after we pass on may seem morbid, it is a necessary part of life for so many people. In particular, if you have a business, children, or loved ones that you want to provide for, this is one final way that you can take care of them. You will be able to save them a lot of stress and confusion – and potentially even money. In some ways, it is comforting for them to hear about what you wanted.

It is never too early to start estate planning, even if you don’t have a great deal of money in your bank account or you aren’t ready to give up your business just yet. Make sure you work with a professional that has your best interests in mind and can work with you to not only protect you while you are alive but to help preserve your legacy once you have passed.

To get started, schedule an appointment today.

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"Our firm has been a long-term client with IC Quantum Accountants. We are thoroughly satisfied with the personalized client service they provide. IC Quantum Accountants is like having a staff person on call to assist with book-keeping, accounting and governance documentation. Always friendly and ready with the coffee whenever I drop by."  Show Less

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