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Originally Posted by SharonW
Not everyone is as lucky as you to have finances to cover thousands of dollars of medical bills, etc. Cost for extended coverage for nursing home and rehab over and above what Medicare will pay adds up quickly. What if someone is in an accident and lost a leg, arm, paralyzed, brain damage, etc. Most do not have financial sources for extra expense and lifestyle change? It is your choice but most need coverage. I hope it is the worst investment I ever make because I do not want it to happen to me or anyone, but I sure will be thankfulI I made the investment if I need the coverage.
I have a friend who was in an auto accident last month. She had to be airlifted to trauma center in Ocala. Broke almost every bone in her body. She will be in hospital and rehab for months.
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My health insurance covers those things and has a catastrophic limit of $5,000 per year, so there would be no out-of-pocket expenses exceeding that amount. Many retired people have original Medicare and a Medicare supplement, which basically covers all out-of-pocket medical expenses. But, if you do need to buy the uninsured motorist insurance, you need to buy a very high coverage limit (more than $100K per person). Otherwise, I think you would be wasting your money. If you move into a nursing home, and/or have additional out-of-pocket rehab expenses, $100K would be depleted in a few months, unless you have good medical insurance.