Family Health Insurance – How to Manage the Stress of an Emergency

As the Canadian population ages, more of us in our 40s, 50s and beyond are supporting or helping with our senior parent’s health care. We want to make sure that they have spoken to a health insurance company and already have family health insurance in place.  There’s a good chance that at some point we’ll be called upon to deal with emergencies involving our aging relatives. Sometimes those emergencies require us to supply information needed for our parent’s health, care or well-being. 

When that time comes, you’ll want to access that information as quickly as possible. You or your loved ones don’t want to be scrambling to figure out necessary details when time is critical and stress is high. Your parent’s health depends on it.  

The best way to make sure you can act quickly and confidently is to prepare in advance. Speak with your parents about their information, their family health insurance, the health insurance company, the name of their Life Insurance Agent.  Compile all their info and any documents you might need, and make sure they’re easily accessible. The more knowledgeable you are, the better you’ll be able to look after not just your parent’s health, but yourself as well. 

Medical information and the exchange of family health insurance information is very important. If a parent is in sudden need of medical care, supplying the right information in a hurry can be a lifesaver. Keep a list of your parents’ blood types, medications, details of allergies, a history of past illnesses and surgeries, and contact information for doctors and other caregivers. You’ll also want to have the details of any family health insurance plans, as well as supplemental coverage such as critical illness insurance or long-term care insurance. Speak to the Life Insurance Agent from the health insurance company and they will be able to supply you with all the necessary details needed in regards to their family health insurance coverage. 

Obtaining your parents financial information is also very important. You may be called on to manage or help manage your parents’ finances in an emergency. This will require access to bank account information, credit card information, details of loans and loan payments, investment information, and any other pertinent financial details and documents. 

Having all legal documents as it relates to your parents estate is vital. Quick access to important legal documents is essential for medical and financial matters. If you or another family member has power of attorney to manage your parents’ healthcare or finances, copies and originals must be easily accessible. Other information you may need in an emergency includes your parents’ wills, their written instructions about the level of medical treatment they want if they can’t express their wishes (sometimes known as a “living will”), and family health insurance policies. Other estate planning information should also be readily available. The documents and information you need will depend on your parents’ situation. Your parents Life Insurance Agent from the health insurance company will be able to help you plan a strategy for gathering the necessary documentation, speaking with your parents, and deciding where their information should be kept for immediate access.  It’s also wise to annually contact their Life Insurance Agent on an annual basis to ensure that their family health insurance plans are consistent with their life changing needs. 

For more information please contact Gary Mandel by calling (416) 849-1653 or by visiting www.wecoveryou.ca