pastornick08
New member
*If you are an insurance agent, please refrain from replying. I would really prefer to get insights from people in this thread on their strategies.*
Hi Ph Invest, I'm a long-time lurker that's gotten my finances in check and now planning the next 20 years for my wealth and my mother's health.
I want to ask, particularly those who consider themselves wealthy or blessed, how do you protect your parents against hospitalization costs as they are approach their golden years?
Here are some concerns I have after researching:
I hope you can help a breadwinner out. I want to build multi-generational wealth, but one hospitalization will wreck me, considering most of my assets are in Stocks and Government securities.
Hi Ph Invest, I'm a long-time lurker that's gotten my finances in check and now planning the next 20 years for my wealth and my mother's health.
I want to ask, particularly those who consider themselves wealthy or blessed, how do you protect your parents against hospitalization costs as they are approach their golden years?
Here are some concerns I have after researching:
- Health Insurance coverage usually cover until 65 or 75. Is this the norm for all health insurances? There's really no way around it?
- Do you set aside an emergency fund specifically for your parents hospitalization?
- What are other techniques that you have to protect your parents?
- Is 2M Php enough of a face value for the health insurance policy?
- Tax Related Question: is it smarter that I break the benefit to me and my siblings to save on taxes when I get the money from insurance? I am also considering the speed because when the diagnosis comes I want the money ASAP but I also don't want to invite the tax man.
- Matigas ba talaga ulo ko na ayaw ko ng Health Insurance + VUL Lumpsum benefit (which is usually 50% of the face amount after 65 y/o)?
- I am a 26 y/o earning at the higher range of upper middle-income by PH Standard.
- I do not prefer life insurance. I would really prefer all the protection during the period when my mom gets hospitalized or gets diagnosed.
- My mom is 47 y/o. Healthy except for a kidney condition.
- HMO Coverage @ 250k/p.a./illness
- I am looking for health insurance because elderly people net 4M in six months in expenses. I do not want to wipe off my savings when these things happen. I want some form of protection.
- I would like that when my mom receives the diagnosis that my world will not fall apart. I would like to have the confidence in the doctor's room knowing that I have some cushion.
- Just get the normal health insurance that covers until 65 or 75.
- Then get Sunlife Senior Care when she starts 65.
I hope you can help a breadwinner out. I want to build multi-generational wealth, but one hospitalization will wreck me, considering most of my assets are in Stocks and Government securities.