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I am hoping some members here can provide some insight. My wife and I will be going on a cruise in July, and we want to make sure that in the event something happens to both of us, that we know what will happen with our kids as far as health insurance (as well as put together what they will need to do). First, a little background, 3 kids:
20 y/o, Type 1 Diabetic
17 y/o
5 y/o
All are obviously currently under our health insurance. We have discussed, and the 5 y/o would actually live with my sister in law, and she would be the guardian so she would qualify under her health insurance (or her spouse, who ever holds the policy). However, the 20 and 17 y/o are our concern, especially the 20 y/o being diabetic. The 20 y/o is in college, the 17 y/o is currently a junior. If in our will we declared that our 20 y/o would be the legal guardian of the 17 y/o, is it correct to assume they would need to purchase some type of policy through the exchange? We do have life insurance and they are beneficiaries on them.
I am hoping some members here can provide some insight. My wife and I will be going on a cruise in July, and we want to make sure that in the event something happens to both of us, that we know what will happen with our kids
Can't speak specifically to your health insurance question, but one recommendation I have is for you to have a POA type document drawn up that allows whomever will be the caregiver to your children all rights to consent to medical care on their behalf. Our attorney provided us with a boilerplate document that allows us to fill in name(s) of the responsible party, dates (if we so desire) etc. You can then get this document notarized and have the caregiver hold on to it.
Whenever we travel out of the country, or anywhere for more than a couple of days, we leave a copy of this document behind. I only suggest it since you mention you will be on a cruise, where telephone service and contact can be spotty, and also because you have one child (albeit, one that is older than 18) with a health condition.
Last edited by Texas Ag 93; 09-18-2017 at 11:37 AM..
The parents die on a voyage at sea and the two girls are left to themselves. Of course it's easier for them since they're heirs to the throne, but like the person just mentioned you should sign a power of attorney in the case of death or incapacitation.
At least initially they all can be covered under your current health Insurance thru COBRA They (or the Trust you have set up) would have to pay the cost of the insurance (the Full cost, no the employee subsidized cost + a few percent for administration.) That can cover them for 18 months.
The 17yo (now 18 or 19) and 20 (21 or 22) can get a policy thru the exchanges. If they are at college they are often policies that they can also buy from the "college". the 5yo can probably go onto there guardian's policy or in Most states a CHIP policy.
I would think about setting up a trust fund(S) and a separate person to administrate it, (Not your 20yo or the aunt that is taking the 5yo). Its not a good idea to give a 20yo hundreds of thousands of dollars then let them manage it without some restricted guidelines. That's why a 3rd party is a good trustee.
You really need legal advice to understand your options, especially since state law for guardianship varies. I would not rely on third party advice here, since we know so few of the relevant facts.
The college kid can buy insurance at school probably.
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