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“Hi. Could I borrow $5000? Only if you have it available from a cash source (don’t want to cause taxes for you). We depleted our HSA with all the medical expenses in the last year and still have bills to pay. I would need to start selling off stock and mutual funds at this point and pay the taxes on the earnings.”
I told him I would not loan him the money, but I would send the $5,000 immediately which I did. Is there any other choice? Not for me.
His wife is one of our three daughters in law who are dealing with breast cancer. The third is having surgery this week.
Of course everyone realizes the mess we have when it comes to paying for healthcare.
In this case there is a $3,500 deductible and $6,500 annual out of pocket limit. This son is fortunate in one way, his employer pays the entire $3,600 monthly premium. Our other children are not so lucky with deductibles of $5,000 to $7,000 and high premiums. HSAs may help, but as you see, once they are used, you must start over.
I suspect our youngest son will need help during their health care crisis too and we are glad to help and very grateful we are able to do so. Most people are not so fortunate.
Dick, I am really thankful you were able to help. I am sorry your family is having so many health troubles these days. I agree with you about giving the $$ vs a loan. That is what we would do also, even if we couldn’t give the whole $5k. We would give what we could. Chris
So sorry to hear of the health battles throughout your family. The silver lining is that there would be no more meaningful way to use your money, than to help family in this manner.
Wishing you all the best.
Dick, I’m very sorry for your family’s health challenges. I wish you, Connie, and all the Quinns the best. There was never a doubt in my mind what your answer to the text would be.
Rowing that same boat. Years ago, somebody had written an article on HD that suggested we look at these “surprises” with the viewpoint of, “Thank goodness we are in a position to be able to help here”, much as you have done.
Sorry to hear this and hope your daughter-in-law gets well soon.
As a suggestion, directly pay the medical provider. The IRS provides an unlimited medical exclusion for gift taxes.
Good man, Dick! Yes, I’d help in a heartbeat. I hope that your DIL has a good outcome.
I’m so sorry to read this about your family. You did the right thing.
Richard,
We have consistently given our children money to help them out.
I like being around to see them happy until waiting until we’re in the ground to give them support.
One of our grandchildren was 7 weeks early and needed the neo-natal ICU.
Turns out not only did we help, so did a couple of aunts and uncles.
We have made sure to remember their children in our wills.
You did exactly the right thing!
Richard: sorry to hear this, but you did the right thing, and so would I. What other choice is there?
Dick, fortunately, my country’s “socialist health care system,” with all its flaws, means I’ll never get a message like that. But if I lived in the States, I’d do exactly what you did — send the money. Then I’d spend a few minutes thinking about everyone who doesn’t have a reliable backstop like you to help them out.
Good point and I also think a lot about people who oppose any meaningful change in our health coverage system.
Back in the early 1960s I helped oppose Medicare for seniors as part of my employer’s involvement. Good thing that wasn’t a successful campaign.
Fifty years working with people and their healthcare benefits, often their doctors too regarding bills and various forms of coverage taught me a great deal.