Author Topic: What would you do?  (Read 713 times)

mxt0133

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What would you do?
« on: May 30, 2017, 06:14:57 PM »
An old post was resurrected a day a go where the OP's wife medication cost $6K a month.

https://forum.mrmoneymustache.com/ask-a-mustachian/my-wife's-medication-costs-$5-000-a-month/msg1570898/?topicseen#msg1570898

This got me really thinking about what I would do in if something like this happens to me or my wife.  It's essentially how much am I willing to spend to extend my life to be able to spend additional time with my family while still leaving them with enough to be fine after I pass.

I would like to know what everyone here would do in their situation particularly for those that have minor kids that are not launched yet.

For me assuming we have tried everything to get the cost down like contacting the manufacturer for discounts, contacting charitable organizations, moving overseas, ect.  It depends on the quality of life I would be able to have while taking the expensive medication.  If I will be mostly bed ridden then I would opt for hospice care as I would not want my family to be stuck by my bed side for the next few years.

If I was still able to live a decent quality of life travel, camp, light activities then I would take the medication up to a point where my family would still be comfortable after I pass.  Since I have life insurance and SS survivor benefits would kick in, comfortable would mean that the payout from life insurance, SS survivor benefits, and savings would allow my wife to not have to work until our young guest is in high school or college.

If it were my wife, well I'll report back what she would want to do.  I am now considering getting term-life insurance for her for this particular scenario where we would draw down our savings allowing us to pay for medication as long as possible and once she passes be able to re-coup some of the expenses so that I can quit work and take care of the kids until they are launched.