From an Insurance Professional’s Perspective
Huntington’s disease is a debilitating genetic disorder that affects an individual’s physical, cognitive and emotional well-being. It is a progressive disorder that worsens over time, making it essential for individuals who are at-risk or have been diagnosed with Huntington’s disease to consider putting in place insurance plans and estate plans to ensure their financial security and medical care as well as last wishes are taken care of in the event of death or incapacitation.
- Life insurance is one of the most important insurance plans to consider for individuals with Huntington’s disease. Life insurance provides financial protection for loved ones in the event of the individual’s death. It can help to cover expenses such as funeral costs and outstanding debts. It is important to note that some life insurance policies may not be available or may have higher premiums for individuals with Huntington’s disease. Many policies can include living benefits such as Chronic Illness Riders, Accelerated Death Benefits, and permanent policies such as Whole or Universal Life can accumulate cash value that can help offset long term care needs. For those individuals who have already been diagnosed with HD may only be able to get Final Expense or Pre-Paid Funeral plans.
- Disability insurance is another important insurance plan to consider for individuals with Huntington’s disease. Disability insurance provides financial protection in the event that the individual is unable to work due to their condition. It can help to cover living expenses such as mortgage payments and medical bills. It is important to note that some disability insurance policies may not be available or may have higher premiums for individuals with Huntington’s disease. If you have already been diagnosed and now find yourself unable to work I would highly recommend the services of the HDSA (Huntington’s Disease Society of America) to help file for SSDI (Social Security Disability Income), however, be aware that you should plan on six months to one year to get approval. It is also worth noting that after 24 months on SSDI (the approval and retro date begins the clock) you will be eligible for Medicare even if you are under the age of 65. Until then you will need to maintain you own health insurance.
- Power of attorney is a legal document that allows an individual to appoint someone else to make financial and legal decisions on their behalf in the event that they are unable to do so themselves. This is an important estate planning tool for individuals with Huntington’s disease as the progressive nature of the disorder may make it difficult for them to make decisions on their own. I have learned in my own experience that just because you are married does not give you legal authority to act on behalf of your spouse. In regards to federal programs such as the Social Security Administration they do not recognize a POA and you will need to be registered as a “Representative Payee”.
- An advanced medical directive, also known as a living will, is another important estate planning tool for individuals with Huntington’s disease. An advanced medical directive allows an individual to specify their medical treatment preferences in the event that they are unable to communicate them. This can include decisions about life-sustaining treatment and end-of-life care. Personally, this can save families from the heartbreaks that can occur with well intended loved ones who are trying to make the best decisions they can for a person who is unable to communicate resulting in family conflict. A living will gives specific directions on your wishes so there are no disagreements among your family.
- Wills and trusts are also important estate planning tools for individuals with Huntington’s disease. A will allows an individual to specify how their assets will be distributed after their death, designate a representative to help take of deeds or accounts after death and much more. Most people don’t realize how important a Will is until they have to deal with a loved one’s estate after their death. It’s a simple document that save a lot of headaches in the future for the ones we love. Think of it as “Love Letter” to our families after our death. If you have minor children you can also name a legal guardian for them so they are not thrown into the foster care system. A trust can also be set up to provide for an individual’s care during their lifetime and for their loved ones after their death. Trusts are especially useful in providing for special needs individuals.
In conclusion, for individuals who are at-risk or diagnosed with Huntington’s disease, it is important to consider putting in place insurance plans and estate plans to ensure their financial security and medical care. This includes life insurance, disability insurance, power of attorney, advanced medical directive, wills and trusts. It is important to consult with a financial advisor and attorney to determine the best course of action.
On a personal note: I write these articles and have create an HD Resource Page on my website because my family and I have been affected by this disease and I often get asked many questions once individuals find out I own an insurance agency. I try to answer many of these common questions but also like to serve as a resource. My agency does not have a license or carrier appointments in all states so while I many not (and would be honored) be able to serve as your agent I don’t mind helping to answer questions for my fellow HD warrior families. The states I can serve include Tennessee, Virginia, North Carolina, South Carolina, Georgia, and Florida.
Links & Resources:
To learn more about the services or products mentioned click the appropriate links. (if you are located in one of our licensed states you can even get a quote or apply.
Life Insurance including Final Expense
For affordable access legal services to create your Will, Power of Attorney, Advanced Medical Directive and More (only $35/mo) click below. The average attorney could charge $600 or more for these documents.
If you would like to go a step further to create an actual Estate Plan and Trust we can schedule an appointment to set that up. Click our link to contact us.
Huntington’s Disease Organization Links:
