Last week’s Geyer Law blog post cited news articles reporting on two local business closings. These stories, we explained, serve as cautionary tales for business owners, highlighting the importance of business succession planning. Both were “sad stories,” in that businesses that had served their communities for generations needed to close for lack of a successor.
Sometimes a “happy” news story can serve as a cautionary tale as well. “Currently available hip systems are not well suited for patients with previous spinal fusion, prnewswire.com reported, announcing that the Food and Drug Administration has allowed compassionate use of the Reverse Hip Replacement System.
“Compassionate use” allows patients to gain access to an investigational medical product or device when no comparable or satisfactory alternative therapy options are available. Most health plans don’t cover treatments they regard as “experimental”, Fair Health Consumer explains.
Needless to say, at Geyer Law, planning for healthcare needs is an important part of the estate planning process. Indiana’s Advance Directive for Health Care Decisions allows individuals to appoint a representative to consult with healthcare providers and to make decisions on their behalf if they lack the capacity to decide for themselves.
An individual’s healthcare decisions might well include applying for compassionate use drugs or treatments they learn about through their healthcare providers or through the news. But, with the costs of these drugs and treatments being unpredictable, “creating a financial plan for medical expenses is one of the most important steps toward achieving long-term financial stability, as yourmoneyline.com reminds us.
At our Indiana estate planning law firm, we know sometimes even “good news” stories and reports can serve as reality check reminders!
– by Ronnie of the Rebecca W. Geyer blog team
