Have You Heard of HIPAA?

Have you heard of HIPAA?  Most people are familiar with the acronym.  The problem is most people don’t know what HIPAA means.  HIPAA stands for “Health Insurance Portability and Accountability Act.”  The federal law was enacted in 1996 after the famous Terri Schiavo right to die case in Florida. (Schiavo v. Schindler) Terri Schiavo was in a vegetative state due to a cardiac arrest she suffered in 1990.  She like many people don’t know that HIPAA law states that if you do not have a written health care power of attorney to direct your care your spouse nor anyone else can make health care decisions for you if you are not capable of doing so.  Many people are unaware of the consequences of not having a designated person to direct your medical care if you are incapacitated.  The HIPAA law was written so specific that even married couples cannot direct their spouse’s medical decisions for them unless they are designated to do so via a written Health Care Power of Attorney.  Most Financial Professionals don’t take the time to talk to their clients about the consequences of not having a Health Care Power of Attorney.  The financial and emotional burden of not having this important document could significantly derail your financial goals permanently.  At Flott Financial Strategies we talk about all the intangible decisions you need to make.  We don’t just focus on money and goals. We focus holistically on all the decisions you will need to incorporate into your whole plan.

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