Hi, and thank you for your help.
My mother is in relatively great health, but has limited savings for her retirement. She manages to stretch her social security checks and can cover 99% of her expenses with SS alone.
I am concerned what will happen when her health starts to deteriorate. She currently has $175,000 invested, which she is not touching yet, but I don't expect this amount of money to last through an extended hospital stay or LTC.
I can pay for her LTC insurance out of my own pocket. I know that if she runs out of cash and does not receive adequate care I will be compelled to take on her medical bills myself. Does it make sense to get LTC insurance to protect my own financial future?
Her current plan is to rely on medicaid when her money runs out. Is that a sound financial plan? It doesn't feel like it, but it kind of makes sense to me.
Thanks for sharing your thoughts.
Submitted January 01, 2019 at 11:11PM by ioFAILURE42 http://bit.ly/2TpDD7n
