Say an elderly person has a small amount of money in CD's and savings accounts, plus a small retirement plan and smaller-still social security income. That elderly person now owes close to $30,000 in hospital bills. There's no way he can pay it all off, but he's going to try to set up a payment plan with the hospital.
He's afraid the hospital will take the money he's got in CD's and bank accounts. He wants to close out his bank accounts, take the cash, and put it in a fireproof lockbox in his house. He said he doesn't think the hospital can touch his retirement account or social security income. |
