[TriLUG] OT: PT One tech issue from tonight's debate

[Mike Norwood]

I think his point might have more to do with having to go bankrupt to pay 
for health care bills, not how to protect some of your assets after you 
do.

Mike Norwood

On Fri, 19 Oct 2012, Chris Merrill wrote:

> On 10/19/2012 5:25 PM, Steve Litt wrote:
>>> Those 48.6 million live in a country that will still give them good
>>> health care, even if that have no insurance and no money.
>>
>> Yeah, after they've divested themselves of their house, their kids'
>> college funds, their retirements, to pay for a couple weeks in the
>> hospital.
>
> Ok, I know I said I'd bow out, but this needs to be addressed, for the benefit of those who may not
> be aware:
>
> 401Ks (up to $1m), 529s (college funds), and a portion of home equity can't be touched by
> bankruptcy. So the facilities ARE there to protect yourself. If people choose not to take advantage
> of those mechanisms...well...I don't know what to tell them besides "DUH!"
>
> disclaimer: I am not a financial advisor and I did not sleep in a Holiday Inn last night, so take my
> advice with a grain of salt. Consult a professional financial advisor!  Or at least read a few books
> on the subject.
>
>
>
>