During my years as a professional organizer, I have assisted with many different situations and have been fortunate enough to help people discover some financial peace from finding things they were not aware existed. I share some stories with you in hopes that you may find some enlightenment.
Mrs. B and the health savings account
In my first story, I needed to build a relationship with someone that wasn’t overly excited about accepting my help. In the end, we were happy to be working together, and I was able to help with the discovery of an account that nobody knew existed.
After the death of her husband, Mrs. B. was not very happy having me sift through her many piles of papers. Her daughter who lived several states away insisted on having my help, so she could return home and get back to running her business.
As I was going through piles of newspaper clippings, old coupons and saved obituaries, I found a letter from a health savings account (HSA) company dated several years ago stating that Mr. B had $10,000.00 in an HSA. I asked Mrs. B. and her daughter if they knew anything about this. Neither had ever seen the letter or knew anything about the account.
Upon further investigation I found out that there was in fact OVER $10,000.00 in an HSA established by Mr. B’s previous employer. The money was to be used to pay health insurance premiums for Medicare and Medicare supplements.
That letter was the only document we found referencing this money, and Mrs. B saves all papers including old envelopes. After gathering more information about the HSA, I was able to help Mrs. B. utilize these funds, which was a very good thing because if the funds were not used in her lifetime, they would not transfer to the heirs. Needless to say, the family was very grateful.
Mrs. G’s policies and clear systems
On another note, I am often referred by financial advisors, social workers and other professionals to assist people in their time of need. I can help with filing paperwork for insurance policies or creating a clear filing system for clients. Here is an example where I was able to do both for the same client.
At the request of her financial advisor, I was called to help Mrs. G file her long-term care insurance claim. Unfortunately, Mrs. G was ill, and it was difficult for her to gather all the paperwork required by the insurance company.
Once this was complete, I was asked to organize the files in her husband’s office. Mr. G was suffering from Dementia and within a year of organizing the files,
Mr. G passed away. Fortunately, I was able to help file the claims for three life insurance policies that I had found while setting up the filing system. Mrs. G said she knew about the first two policies but had no clue about the third, which was the most valuable and allowed Mrs. G to live comfortably for her remaining years.
These stories confirm the importance of having a clear filing system for all family members to understand and to be able to find important documents. To go one step further have these life insurance policies listed in your LifeBook.
If you are interested in learning how I can assist you or your loved ones to get organized, please contact me and let’s discuss your specific needs.