There was a 60 Minutes segment that aired in '09 that was entitled "The Cost Of Dying," and this report was very relevant to anyone who is wondering why estate planning lawyers recommend advance health care directives like living wills and durable medical powers of attorney. They covered a lot of ground during the report, but two statistics that they highlighted were really profound. For one thing, in 2008 Medicare paid out $50 billion to medical centers, hospitals, and physicians to pay bills they received for treatment of people who were living out the last two months of their lives. They went on to say that upward of 30% of the money spent "may have had no meaningful medical impact."
The other fact that many people may not be aware of is that between 18-20% of Americans who die each year pass away in the intensive care units of hospitals and medical centers. The cost for a day in an ICU can reach as much as $10,000, and it is not uncommon for people spend weeks or even months in these units, being kept alive using life support systems. A doctor that was interviewed by 60 Minutes, Ira Byock, told correspondent Steve Kroft that dying in an intensive care unit is: "...extremely expensive. It's uncomfortable. Many times they have to be sedated so that they don't reflexively pull out a tube, or sometimes their hands are restrained."
If you take the time to make out a living will and state your preferences regarding things like feeding tubes and life support systems you can be sure that your wishes are carried out. You may also want to execute a durable medical power of attorney appointing someone to make medical decisions in your behalf. These are personal decisions and there is no right or wrong, but it is important to let your preferences be known through the inclusion of the appropriate advance directives in your estate plan.
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