jennifer rose
Mar 10, 2003, 8:54 PM
Post #8 of 12
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Re: [Estanislao] Long Term Care
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There’s no right, one-size-fits-all answer for everyone on the issues you’ve presented.
First, would your move to Mexico be temporary or permanent? The remark about “fall-back position” seems to signal that the stay in Mexico would not be a permanent one. There are all levels of “moving to Mexico.” For some that means, “maybe a couple of years,” and for some it means “for a couple of years until we make some decisions.” And for some, it means picking up, lock, stock and barrel, and actually becoming immigrants.
Now there are those who would contemplate returning to the homeland for all medical services more serious than a hangnail, and there are those who cast their lot with the Mexican health care system.
And there are those who would return to the Motherland at the first sign of dotage, and there are those whose life plans spell remaining in Mexico until their very last breath.
Some folks can afford to maintain second homes and enjoy doing so, and for some, doing so is nothing but a financial and logistical headache. One can continue to own a house in the U.S., and still cut all other ties; and there are those who have not a single asset in the U.S. but who still have substantial ties there.
Now, for the nursing home scenario. Well, you could always become a burden upon your children, or you could fritter away all of your assets foolishly and become a public charge. Or you could look at the long-term care situation as one which you’ll broach as the time comes – remaining in your own home and hiring extra help. That’s an approach that’s affordable in Mexico.
Personally, I look askance at long-term nursing home insurance. Read the fine print very, very carefully to understand the exclusions and amount of coverage. And it’s still very likely that the nursing home employees in the US are going to be speaking some language other than English. I think you would be wasting your money.
Whether to move here now or wait until later is another $64,000 question. How much gratification are you willing to defer? Obviously, there’s an inverse correlation between the time spent working to build up a retirement portfolio and the time left to spend it.
If you move to Mexico while you're younger, you'll have the benefit of better health, more flexibility, and, of course, more years to enjoy it. If you wait until you're older, you may have the benefit of wisdom and money -- and fewer years to enjoy it.
There are those who spend years planning a move to Mexico, weighing the pros and cons, scrutinizing every conceivable venue, collecting statistics, engaging in more preparation than a moon launch ever required. And the move still doesn’t meet with their expectations. And there are those land in alien territory, buy a house in their first 48 hours in town, and are happily every after. And there are spouses who move here under duress, only to find that living here meets their needs better than their Mexiphile better halves.
(This post was edited by jennifer rose on Mar 10, 2003, 9:24 PM)
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