Young Adult Planning
Providing Parents with Peace of Mind
When a child turns 18, legally, they are an adult. This means parents can no longer make decisions-even in an emergency. The point here is not to scare you but rather to prepare you and your adult child with the resources to meet unexpected possibilities head-on. For parents with children over the age of 18, proper planning should include the preparation of Health Care Proxies and Powers of Attorney for their children.
- A Health Care Proxy allows a parent to make medical decisions on behalf of their child. This document can also include a HIPAA Release which allows the parent to receive medical information from a doctor or medical facility.
- A Power of Attorney grants a designated person (typically a parent for young adult planning) the authority to conduct financial and legal matters, such as paying bills, filing taxes, and managing banking and investment accounts, on another’s behalf
Read below to learn why having a Health Care Proxy (HCP) and Power of Attorney (POA) is essential.
Young Adult Health Care Proxy & HIPPA Release Why You May Not Have a Say in Medical Emergencies for Your College-Aged Child
Each year approximately four million American children turn 18. This can be an exciting time in one’s life – from gaining legal rights and responsibilities to discovering a new sense of freedom. A child’s independence, however, can have some unexpected consequences for the parents.
For the first 17 years of your child’s life, you made all of their medical decisions. If they were sick or injured, you chose their doctors, you discussed treatment options, and you had access to their medical information. Once your child turns eighteen, you lose all access to their medical records and the ability to make healthcare decisions on their behalf, even in case of emergency.
Did you know?
HIPAA laws prevent doctors from sharing information with the parent of someone over the age of 18 without written authorization from the child.
As a parent, this leaves one helpless and frustrated. The fact that a young adult is covered under the parents’ medical insurance is a non-factor, even if the parent is paying for the insurance and the medical bills. Enrollment in the family insurance plan does not preclude a child’s right to privacy. Unfortunately, each year a growing number of Americans between the ages of 18 and 25 are hospitalized with mental illness and other nonlethal injuries. Obtaining information or discussing your child’s condition, even for the most minor incident, can be refused by a doctor citing privacy concerns.
With a Health Care Proxy, a child can designate a parent as an agent or proxy - allowing the parent to make medical decisions for the child if the child is unable to do so.
Young Adult Power of Attorney
Financial independence is a significant aspect of the college experience. However, this newfound freedom can sometimes be a mixed blessing, as many students may not yet have the financial literacy required to effectively manage their finances. By obtaining a power of attorney, parents can access their child's financial accounts to assist with tasks such as paying bills, handling taxes, or addressing unexpected financial issues.
Additionally, when a college student is studying abroad or living in another state, managing financial affairs can become more complex. Having a power of attorney can streamline these processes, ensuring timely bill payments, proper handling of financial aid, and efficient management of any financial surprises.
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