Viaticals?

[fsugirl404]

Good morning all. This is my first post. Thank you in advance for any help you all can give me. I feel like this site is the only place I can get some true help without strings attached. My very active, healthy mother was diagnosed with ALS in June of 2015. She is now in a nursing home (in SC) with PEG and very limited mobility. All her children live in other states & her husband was unable to handle the day to day needs of a person with late stage ALS. After finding out that hospice would not be covered while in the nursing home, it is our desire to get her home with hospice care. As you all probably have found out, insurance will not cover 24/7 care, nor will hospice. 24/7 care will cost us out of pocket probably $2500 a week. We have raised some money through a gofundme account, but not nearly enough. Her life insurance does not have an early death benefit. I have been reading about viaticals and wonder if anyone has had any experience with that option. I would appreciate any feedback. Thank you so much!!

Debbie (in FL)

 

[Atsugi]

Hi Debbie. Good thought, selling the policy for cash. My only advice is to find an estate attorney who knows about these things. My lawyer was also an accountant, so she understood how the money worked best.

This will be a very interesting subject for everyone and I hope we get some answers.

 

[Texas Quilter]

Hi Debbie - I worked in the nursing home business for several years and we had hospice care in all of our nursing homes. None were in SC, so I can't speak to that State. Perhaps if you contact MDA or the ALS organization, they could help you find a nursing home where hospice care is available.
Dianne

 

[KimT]

Hi Debbie,

Fellow Floridian here. I'll try to answer both questions. If you sell her policy be prepared for multiple offers at a very deep discount. Companies prey on victims with our condition. Get a doctor's letter estimating life expectancy before you go to the table. Make sure all offers are in writing. It's definitely worth an estate attorney consultation (SC attorney as each State is different.)

You didn't say if she was on a vent. If she is not, I think much of her care can be done by CNAs or properly trained home health workers. You won't have to go through an agency for that and pay double or triple the cost. I don't know how big the home she'll be in but down here there are CNAs looking for room and board in return for full-time help and a small wage. There are many options.

She is very blessed to have you.

 

[fsugirl404]

Good advice about the attorney. I know my step-dad had spoken to an attorney re: estate planning a couple of months ago. I will follow up with him. I'll post whatever I find out. Thanks so much!!!