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Retirement, Investments, & Insurance for Individuals Build your knowledge 5
health care records that can help protect your finances
5 health care records that can help protect your finances

Assembling key health care records can help equip your loved ones with the
estate planning tools they need to deal with stressful times. 


3 min read | August 21, 2023

Life is filled with all sorts of financial roadblocks (some of them planned,
some not). One of the biggest that many will face? Health care costs, which
typically outpace inflation.1  

Adding a complete set of these five health care documents—some legal, some
not—to your estate plan helps your loved ones manage your finances (and your
care) when you can’t.


5 HEALTH CARE RECORDS FOR YOUR ESTATE PLAN


1. MEDICAL POWER OF ATTORNEY/DURABLE POWER OF ATTORNEY FOR HEALTH CARE/HEALTH
CARE POWER

Legal document that identifies a health care proxy who may make health care
decisions for you if you’re unable to make them yourself. Medical treatments
often have financial implications, so some people name the same person to be
their durable power of attorney (see below) as their health care proxy.


2. DURABLE POWER OF ATTORNEY

Legal document that gives a proxy the power to make financial decisions,
including health insurance information, billing, and claims, on your behalf.

3. HIPAA release/authorization

Legal document that allows a hospital to release current health care information
(which may have financial implications) about you to loved ones other than your
spouse. If there’s someone you may be responsible for over the age of 18 (say, a
college-age child) that lives elsewhere, fill one out for each state.

4. Do not resuscitate (DNR) order or physician orders for life-sustaining
treatment (POLST)

Legal document signed by the health care proxy and cosigned by a physician.
Either is the only legally valid form that medical staff will follow during
cardiac or respiratory arrest should you require resuscitation.

5. Living will/advance health care directive

Not a legal document, but offers your health care proxy instructions for your
medical care should you be unable to make decisions for yourself. It’s typically
included as part of an estate plan because treatment choices have financial and
health implications.


HOW TO ASSEMBLE AND UPDATE HEALTH CARE DOCUMENTS AND PLANS

The person you name as a health care proxy may also need additional information
such as:

 * Medical records with diagnoses, medical history, and current medication
 * Health care providers, both general care and any specialists
 * Health care insurance records with policy numbers and contact information
 * End-of-life instructions such as memorial service and organ donation
   information

Use our health care document plan worksheet (PDF) as a checklist to help gather
what you need. It’s a good idea to review your estate plan’s health care
documents yearly, including updated your loved ones on your wishes for your
health care and financial stand-ins. Principal customers have access to free
versions of many estate planning documents through ARAG. Set up your ARAG
account and start planning. 


NEXT STEPS

When did you last check and update your retirement plan beneficiaries? Log in to
your Principal account to review who you have named, and change as necessary.
Don’t have an employer-sponsored retirement account? We can help you set up your
retirement savings with an individual retirement account (IRA). Ready to learn
more ways you can build your financial foundation? Our learning library can
help.

Financial planning
Estate planning


--------------------------------------------------------------------------------

1Peterson KFF Health System Tracker

The subject matter in this communication is educational only and provided with
the understanding that Principal® is not rendering legal, accounting, investment
or tax advice. You should consult with appropriate counsel, financial
professionals or other advisors on all matters pertaining to legal, tax,
investment or accounting obligations and requirements.

The value-added resources provided through ARAG Services, LLC (ARAG®) are not a
part of any insurance products and plan administrative services provided through
Principal Life Insurance Co or affiliated with any company of the Principal
Financial Group®. All resources may be changed or canceled at any time.

The use of resources provided by ARAG Services, LLC should not be considered a
substitute for consultation with an attorney or advisor. Principal® is not
responsible for any loss, injury, claim, liability, or damages related to the
use of the ARAG Will & Legal Document Center resources.

Please remember that the ARAG legal documents, DIY Docs® are accurate and useful
in many situations. Due to possible changes by a state, it is a good idea to
periodically review a template used to be sure it is the most current template.
Whether or not the document is right for you and your situation depends on your
circumstances. If you want specific advice regarding your situation, consult an
attorney.

Information is intended to be educational in nature and is not intended to be
taken as a recommendation.

Insurance products and plan administrative services provided through Principal
Life Insurance Company®. Principal Funds, Inc. is distributed by Principal Funds
Distributor, Inc. Securities offered through Principal Securities, Inc., member
SIPC and/or independent broker-dealers. Referenced companies are members of the
Principal Financial Group®, Des Moines, IA 50392.Certain investment options and
contract riders may not be available in all states or U.S. commonwealths.


3065179-082023

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