supporting parents financially
Hoping to get soome tips & insights Aging parents - huge medical bills - how do you budget for this ? after mortage, bills, daycare - barely anything left to save for my old age — and it does hurt to spend all my savings on huge parents medical bills (after insurance - it was a huge surgery) i want to be a good child and support them but honestly cant afford it... parents income can only support them day to day - they don’t have anything saved /planned for such big expenses. editted : they are overseas maximum time of the year. Im the only child. no siblings They are not old - 68 years old but got caught but illness they visit us on tourist visa and i have not found a good insurance. which covers us well any suggestions ill take it
Umm are they overseas by any chance?
Yes majority of the year
This one gets really tricky. We all want to spend more time with parents and invite them to be with us here in US/Canada/else where As they get old, cost of healthcare is huge. I would avoid travel if they have a known illness If it was unknown insurance would help, pay it up for ur parents... you have a long way to go .. this is a one time event.
It will pass brother/sister. Help them as much as you can. I’m guessing you are < 40, you will be okay in the long run.
Yes under 40 .. yes I’m looking for experienced ones to tell me they managed
Are you the only child? If not, why aren’t your siblings chipping in? Did your parents save for retirement?
Yes only child They saved but not enough it seems ...they only 68 and they don’t have enough
Ask people who don't have parents. They will give up everything to get them back. Spend on their health. Buy better insurance plans.
I hear you but it’s really hard to give up everything - when time comes it feels scary to not have enough back up saving for yourself
I understand. Easier said than done, of course. My parents kept aside some money every month for healthcare needs, invested them in a deposit to gain some interest yet keeping it liquid enough to withdraw it anytime, you can try that. I wish I had better advice for you :)
Help them get on medicaid or something