How Much Will You Have To Pay for Your Parents’ Care?
By admin on Aug 5, 2009 in Care
We all have a lot to learn about caring for our aging parents, including how much their care will cost.
That came out recently in a survey for the BMO Retirement Institute.
One of the startling facts was many children do not know their parents’ incomes.
It was also pointed out children now expect to provide for their parents’ assistance at some point. Many no longer expect to inherit money from their parents.
I was reminded of that situation with a friend of mine from South Africa.
This recently widowed senior lady is still young in many ways as she approaches age 70.
We thought she was in good shape until she fell while visiting her daughter in Texas.
Her daughter had to pay most of the $30,000 hospital bill out of her own savings.
That was with the 40 percent discount, according to the hospital.
Throughout it all, my friend was diagnosed with two benign brain tumors, which will have to be removed.
She faces a long plane trip back to South Africa to have that surgery there because she has insurance that will cover it there.
These problems are hitting more and more of us as our parents live longer and will be needing us for longer periods of time.
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