Healthcare Directives are valuable to people in all walks of life. As you read this article, consider obtaining one for yourself.A Healthcare Directive is a tool to designate a health care agent, or someone to make health care decisions on your behalf. It goes into effect upon your inability to make or communicate health care decisions. If you fail to appoint someone to fill this role, the court will appoint a guardian, which may create a costly legal process. If you have Healthcare Directive, you are able to choose the person who will determine what treatments and health care you will receive, including end-of-life or palliative care decisions. Your health care agent makes surrogate decisions, which means that they step in your shoes and make the decisions that you would make on your own if you were able to do so.Ideally, surrogate decisions should be based on your input and the specific preferences you communicated before any loss of decision-making capacity. It should be based on a prior understanding your health care preferences and what you would want under the circumstances. Healthcare Directives are intensely personal documents. When thinking about creating your own, consider:Your values and how they may be reflected in your health care;Your priorities;What life means to you personally; andHow important quality of life is to you.Are there certain conditions that are worse than death to you? Would you undergo a risky procedure if it had a low chance of survival? What if that same procedure had a high chance of survival but would permanently lower your quality of life? How long would you like to be on life support? Its never fun to think about these things, but by selecting a health care agent and informing them of your preferences, you are preparing for the worst-case scenario and ensuring that your wishes will be followed. Clearly, the consequences of having or not having a Healthcare Directive can be huge, which is why we so strongly advocate that everyone, regardless of age or health, have one in their estate plan. Please dont leave your relatives to fumble in the dark if the unthinkable happens and you are unable to make your own health care decisions. Again, while an Healthcare Directive will be helpful to you in the future, you might have an elderly relative who is in need of one right now. So, whether you need one for yourself or for a loved one, contact us today at (385)334-4030 or send an email to info@skvlegal.com to set up your free consultation to determine your specific needs.

Today, we're discussing how to choose between appointing a guardian or conservator. When deciding what kind of protection you need in an aide, there are many things to consider, including:1. What is your personal capacity to care for yourself?2. What areas of life do you need supervision over? Healthcare? Daily maintenance? Or, do you only need help safeguarding finances?3. How extensive is your estate?4. What is the difference between a guardian and a conservator?5. What combination of conservator/guardian would you most benefit from? Guardian only? Conservator only? Or both?Differences Between Guardians and Conservators A guardian is a person (or an institution) who is given authority to act on behalf of a protected person as though they were that person. A guardian can be given a full guardianship over all aspects of your life, or authorities limited to certain areas such as health care, education, or finances. A conservator is given authority only over your finances. Like a guardian, a conservator must be appointed by a court order. However, unlike a guardian, a conservator cannot make personal decisions for you. Conservators DutiesOnce appointed, a conservator becomes the trustee of your estate, which includes income (wages, social security, annuities), real property (a house, other buildings, and land), as well as stocks, bonds, retirement funds, etc. In fact, once appointed, and unless specifically limited, a conservator has all of the authority given by law to conservators, additional authority given to trustees, and the authority of the protected person, except the power to make or change a will. This amounts to a lot of power. Thus, when acting on your behalf, a conservator must act as a prudent investor would. A conservators duties and powers include:Managing your incomeContinuing or participating in the operation of your business or enterprises Making necessary estate paymentsOrganizing and protecting your assetsAppraising and safeguarding your propertyMaking prudent investmentsPaying or contesting any claims against the estateRegularly reporting to the courtThe list above is by no means exhaustive. Because a conservator does have so much power, their authorities and responsibilities are highly regulated. An in depth conversation about these powers is outside of the scope of this blog post, but must be understood and tailored to your specific needs in order to best serve them. Deciding What Is Best For YouIf your are able to care for yourself in every area other than their finances, you might only need a conservator. If you need help in other areas of their life, you probably need a guardian. If your capacity to care for yourself is diminished and you have an extensive estate, you might need both a guardian and a conservator. We understand that deciding how to best plan for your future might seem complicated and daunting. We can help you balance the choices that you have with your needs. Contact us today. 385.334.4030email@skvlegal.com skvlegal.com/book-online

Key Takeaways:An increasing number of older Americans struggle to afford the prescriptions they need to manage their conditions and stay healthy.As part of the Inflation Reduction Act, Medicare can now negotiate prices directly with drug companies to lower costs for both enrollees and taxpayers.Learn what this and other Medicare prescription drug changes mean for you or an older adult you care for. An increasing number of older Americans cant afford the prescriptions they need to stay healthy. In a recent study, roughly 1 in 5 people age 65+ took shortcutssuch as skipping doses or delaying refillsdue to financial worries.1 Said President Biden in a statement: For many Americans, the cost of one drug is the difference between life and death, dignity and dependence, hope and fear. That could soon change as a result of the Medicare Drug Price Negotiation Program. If you have Medicare, keep reading to find out how (and when) this program may affect you or an older adult you care for. What is the Medicare Drug Price Negotiation Program? The Medicare Drug Price Negotiation Program is part of the Inflation Reduction Act (IRA) of 2022, which includes several provisions to help lower prescription drug costs for people with Medicare. This provision will allow Medicarefor the first time everto negotiate drug prices directly with pharmaceutical companies. The goal is to improve the affordability of some of the most expensive drugs covered under Medicare Part B and Part D. Part B covers drugs administered by a physician. Reduced prices from drug negotiations for the first 10 drugs will take effect starting in January 2026. Going forward, the Centers for Medicare & Medicaid Services (CMS) will then select:         Up to 15 additional drugs to negotiate for 2027         Up to 15 additional drugs (including those under Part B) for 2028         Up to 20 additional drugs for 2029 and subsequent years Todays announcement is a game changer for the millions of older adults who rely on these medications every day," said Ramsey Alwin, NCOA President and CEO, in a statement on the start of drug price negotiations. "Our research shows that the cost of chronic conditions falls heaviest on women and people of color, who have the fewest resources. Lower prices are a matter of equity." A recent KFF survey showed strong bipartisan support (83%) for allowing the federal government to negotiate drug prices. Which prescription drugs will be negotiated? The drugs that qualify for Medicare price negotiation are from a list of high-cost, brand-name, single-source drugs that have no generic competition on the market. In 2022, Medicare enrollees paid a total of $3.4 billion in out-of-pocket costs for these medications. The 10 drugs selected for the first round of Medicare negotiation:         Eliquis: For preventing strokes and blood clots         Jardiance: For type 2 diabetes and heart failure         Xarelto: For preventing strokes and blood clots         Januvia: For type 2 diabetes         Farxiga: For chronic kidney disease         Entresto: For heart failure         Enbrel: For arthritis and other autoimmune conditions         Imbruvica: For blood cancers         Stelara: For Crohns disease         Fiasp; Fiasp FlexTouch; Fiasp PenFill; NovoLog; NovoLog FlexPen; NovoLog PenFill: Insulin products for diabetes How will these changes affect me? Once fully implemented, the Medicare Drug Price Negotiation Program is expected to drop prices on negotiated drugs for up to 9 million older adults, who now pay as much as $6,497 out of pocket each year for these medications. People with Medicare will have better access to prescription drugs that help them manage chronic and life-threatening conditions. More older adults will be able to start medications, take them appropriately, and stay on them without making potentially dangerous trade-offs. Experts predict the program will also save taxpayers $160 billion by lowering Medicare costs. Other Medicare prescription drug provisions In addition to drug price negotiation, there are several other important provisions in the Inflation Reduction Act designed to lower healthcare costs for people with Medicare. Several provisions have already taken effect:         Medicare will cover a greater portion of the cost for high-quality biosimilars (drugs made from a natural source) for a period of five years, which began October 1, 2022.         Monthly out-of-pocket cost sharing for insulin is capped at $35.         Vaccines recommended by the Advisory Committee on Immunization Practices (ACIP) are 100% free.         Drug manufacturers that raise their prices at a faster rate than inflation will face a financial penalty. Starting in 2024:         The 5% coinsurance for catastrophic drug costs will be eliminated.         Eligibility for the full Medicare Part D Low-Income Subsidy (LIS, also called Extra Help) will be expanded to beneficiaries with incomes up to 150% of the federal poverty level. LIS lowers premiums and out-of-pocket costs for prescription drug coverage.         From 2024-2029, annual Part D premium increases will be capped at 6%. Starting in 2025:         There will be a $2,000 annual cap on drug out-of-pocket costs. This could save beneficiaries $400 each year on prescription drug costs. Enrollees with the highest out-of-pocket drug costs could save $2,500 per year. In addition, the Medicare Prescription Payment Plan provision will allow enrollees to pay their out-of-pocket prescription costs in the form of fixed monthly payments over the course of the plan year (instead of all at once). These key provisions will help promote equitable aging by making vital medications affordable for more older Americans, says Josh Hodges, NCOAs Chief Customer Officer. Reducing drug costs will serve to improve the Medicare program now and ensure it remains strong and solvent for future enrollees. The Inflation Reduction Act also extends premium subsidies for the Affordable Care Act (ACA) Marketplace into 2025. As a result, an estimated 10 million people will save about $700 annually on their healthcare premiums. Source 1. Stacie B. Dusetzina, PhD et al. JAMA Network. Cost-Related Medication Nonadherence and Desire for Medication Cost Information Among Adults Aged 65 Years and Older in the US in 2022. May 18, 2023. Found on the internet at https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2805012This article was written by the National Council on Aging, September 14, 2023.