Quote:
Originally Posted by Isaac Zachary
I've ran into an interesting situation here in Colorado. Taking care of my elderly parents, we've received letters saying that since they are on Medicaid and Medicare, their "estate" will become available for the government for reimbursement of any and all medical expenses that have been incurred by them and paid for by Medicaid. So it looks like that means no inheretance.
It also would seem to suggest that if I end up in the same situation, then paying some 50% of income for a condo that I will finally have paid off at the age of 80 will also probably not be of any worth as an inheritance for my children.
Not that it isn't good to pay for things when you have the means to do so. But it does make owning a house less appealing, at least here where my family lives.
When my parents pass away I will then look into whether it would make sense to buy a house somewhere else.
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As I understand, medicare pays 80%. I'm not up to speed on what insurance premiums would cost for the other 20%, but it might not be absurdly expensive. An advanced directive is crucial for understanding the medical wishes of others. Low probability of survival and low probability of high quality of life are particularly important to discuss because that's where a bulk of medical expenses can accrue; slightly delaying the inevitable and miserable demise.
My grandfather died after 2 weeks in the ICU, when the ventilator was removed. I regret allowing the vent in the first place, because he wouldn't have wanted it. I also regret that he died as a result of going to the hospital and subsequently contracting c. diff; a disease basically only contracted in a hospital. Wish he could have gone a couple more years and witnessed grandchildren as confirmation of his legacy. Wish his dream of touring Europe would have occurred (he had plenty of money to accomplish it).
Old people go to the hospital to die as broke individuals.