Should My Mother Let Her Life Insurance Policy Lapse?
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Q. My mother, Sandra, is considering letting her life insurance policy lapse. She claims that she is low on funds and that it is difficult to make the monthly payments. She is also concerned about Medicaid eligibility. Do you have any advice on this matter?
Also, I’d like to buy life insurance and long-term care insurance for myself and heard there was such a thing as a hybrid policy. My mother did not know about this when she bought her life insurance a long time ago. Perhaps it didn’t exist yet. Can you provide more information?
Thanks so much in advance for your help!
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Critter Corner: Can Health Insurance Companies or Life Insurance Companies Charge the Unvaccinated Higher Premiums?
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I was listening to NPR recently. They mentioned that the current COVID-19 wave in the U.S. is mostly affecting unvaccinated Americans, who comprise more than 95% of current cases of hospitalization and death. I also heard that the average cost of a COVID-19 hospitalization in 2020 cost more than $42K per patient. Will the unvaccinated be asked to bear more of the cost
of treatment, in terms of insurance? How about a discount for those who are vaccinated? I am still trying to convince my brother, Bob, to get vaccinated.
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Certified Elder Law Attorney and Medicaid Asset Protection Expert, Evan H. Farr, CELA, has written four best-selling books in the field of elder law. For more information and to order, click here.
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