Being prepared for massive injury?

[livendive 8]

OK, I've got plenty of life insurance and know that in the event I die, my family will be taken care of. However I was reading a thread on someone who was badly injured recently and it suddenly occurred to me that I have no idea how people prepare for this possibility. Is there some sort of standing power-of-attorney one can get that triggers in the event of a critical-care accident?

My bills are pretty easy to keep track of, but who would be able to cash any outstanding paychecks and subsequent disability checks in order to pay them? For those of you with a bunch of credit cards/student loans/etc, who would even know who to pay and how much (or, in the event your disability pays like 50% of your salary, who not to pay)?

For those with lesser benefits (minimal medical/no disability insurance), what's the typical response to an extended ICU stay with multiple surgeries that triggers hundreds of thousands of dollars in bills and no work for several months? Is it pretty well accepted that such an accident will ruin one economically (lose cars that still have payments owing, etc)?

I'm really curious if and how any of you have prepared for massive injuries that only come close to killing you.

Blues,
Dave

"I AM A PROFESSIONAL EXTREME ATHLETE!"
(drink Mountain Dew)

[freeflir29 0]

Hmmm.....good question. I'm thinking my finances would be in a shambles right quickly.

[SkyAnt 0]

Make sure you read the fine print too.
Does you policy cover BASE or is this considered reckless endangerment by the insurance companies?
They will gladly take you money. But they don't like paying it out.

"All that is necessary for the triumph of evil is that good men do nothing."
Edmund Burke (1729-1797)

[PhreeZone 20]

Power of attorny can assist in a lot of that. Have a discussion with who ever you desinate about what needs taken care of if it gets activated.

Yesterday is history
And tomorrow is a mystery

Parachutemanuals.com

[Jayruss 0]

You could ask the EMT's to leave you to die, it could be better

But check your life insurance policy, a lot of them have disability clauses.

Also you can buy third party disability insurance either short term or long term.

Having hundreds of thousands of dollars in the bank could also help

__________________________________________________
"Beware how you take away hope from another human being."
-Oliver Wendell Holmes

[livendive 8]

Group policies work nicely with this problem. My medical has thrown about $40,000 at my shoulder in the last 3 years due to skydiving injuries, and I specifically asked about coverage while skydiving with regard to my various life/death/loss of limb policies.

Blues,
Dave

"I AM A PROFESSIONAL EXTREME ATHLETE!"
(drink Mountain Dew)

[Jayruss 0]

Quote

My medical has thrown about $40,000 at my shoulder in the last 3 years due to skydiving injuries

40K, come back at a million

__________________________________________________
"Beware how you take away hope from another human being."
-Oliver Wendell Holmes

[livendive 8]

Yeah, I have short and long term disability insurance. The short term pays 100% of my salary for up to 20 days, and 60% of my salary for up to 110 days after that. The long term kicks in when I've been disabled for 6 months and pays 50% of my salary by itself, or supplements any social security/pension payments for a (combined) maximum of 60% of my salary. Of course these leave a 3-month hole between the period of 3-6 months after the accident.

Phree - When you mentioned the power of attorney, are you referring to an ongoing in-force power? Or is there some way of wording one so it triggers into force only if necessary?

Blues,
Dave

"I AM A PROFESSIONAL EXTREME ATHLETE!"
(drink Mountain Dew)

[PhreeZone 20]

I had one wrote up in my living will that if the will becomes active (that I am unable to make my own decisions) the POA is active and all decisions will be made by someone else for me. That person also is given access to my checking account and their signature is now to be considered a legal equal to mine on all documents or financial transactions.

Basically... if I'm injuried and unable to do anything I've handed the keys to everything over to someone else to do everything until the decision is made to either remove me from medical care or until I am able to make decisions for my self again.

The state of Ohio has prewritten ones that are availble for free at hospitals just for the instances that you are talking about. Check with your Dr or stop in to the hospital to see if your state has similar options.

Yesterday is history
And tomorrow is a mystery

Parachutemanuals.com

[mouth 0]

After seeing what all can happen in case of serious injury I made a point to list all my monthly bills, their approximate due dates and account numbers and placed it with my stack of bills so that my father could handle them if necessary.

I also listed all my insurance (don't forget your USPA stuff), my accounts including stocks and where they are, my 403B, and a full checkbook just for this purpose.

I had my Dad added as a second on my checkbook but do not print his name on the checks. He is also a signer on my safe deposit box. My paychecks are direct deposited into my account, but know that ANYONE can also deposit money into a checking account if they know the routing and account number they just can't withdraw money without having their names on the account.

--
Hot Mama
At least you know where you stand even if it is in a pile of shit.

[sunshine 2]

The only thing i'm concerned about if i'm massively injured, is having someone take care of my kitties. I have arrangements made for that. I do have an assigned POA, but if i'm so severly injured i need one, he's got instructions to pull the plug and let me die.

___________________________________________
meow

I get a Mike hug! I get a Mike hug!

[CLebsack 0]

That big white duck is somewhere screeming, "AFLAC!!!" and falling out of an airplane.
~Cindy~

~Cindy~

"I dont know what your problem is, but I'll bet its hard to pronounce."

[wmw999 2,446]

I had a long discussion with an estate lawyer recently about all that.

The first thing she suggested is having a co-signer on my checking account (my son in my case), because then there's no need for anyone to file anything for him to use my money to pay my bills. Will, medical directive, and a medical power of attorney with about 4 names on it.

There's a note on my refrigerator saying where all this stuff is (the originals are at the lawyer's, and the copies say so in big bold letters).

I helped my ex-husband's dad through his death late last year, and it made me realize how much easier it is when paperwork is in order. If there are any particular wishes like cremation, where to be buried, what kind of service, and any hymns (no, not THAT kind!) you'd like sung.

When the family's left behind, knowing they're doing something right can help them feel a little better.

Wendy W.

There is nothing more dangerous than breaking a basic safety rule and getting away with it. It removes fear of the consequences and builds false confidence. (tbrown)