Everyone Who Has Borrowed Against 401k
Senior Member
Joined: Oct 2002
Posts: 5,358
Likes: 1
From: Commerce Twp, MI
A lot of great advice so far. Just one more comment besides the recommendation to talk with your financial advisor/401(k) planner. The markets are pretty low right now and economic indicators have good signs. The markets may increase 15% over the next 3 years while you are paying yourself 6% or less. You just lost 9% interest rate on $5k that is compounded for the next 25 years until you retire. So, like flafonman said, you could cost yourself $20k by the time you retire.
Senior Member
Joined: Jul 2002
Posts: 485
Likes: 0
From: Central Florida
Sorry to hear about your aunt GG 
I gave your situation a lot of thought, and the fact is that medical expenses are negotiable. With managed care,HMOs, and insurance companies dragging their feet to pay, many doctors and hospitals are glad to deal direct for cash-at a discount.
A friend's nephew was in from out of state and wound up in the ER, the bill was $1100. He asked if they could do anything for him (college student, no insurance, from out of state); fearing they wouldn't get paid at all they took $350 cash and were glad to get it.
If it is a hospital, nursing home, rehab center, etc ask to speak to a case manager. Explain the situation and offer $500 today and $200 a month for a year. Same idea with a doctor direct. There are always other ways to do this including asking your church, the United Way, or some other organization in your area. If you're willing to put some money into the pot even your own company could match it.
Plead your case, have a charity BBQ, contact any organization your aunt is/was affiliated with, you get the idea. Don't be afraid to ask; your goal appears to be a noble one.
Hell, I'll send you $20 if you give me an address.
I gave your situation a lot of thought, and the fact is that medical expenses are negotiable. With managed care,HMOs, and insurance companies dragging their feet to pay, many doctors and hospitals are glad to deal direct for cash-at a discount.
A friend's nephew was in from out of state and wound up in the ER, the bill was $1100. He asked if they could do anything for him (college student, no insurance, from out of state); fearing they wouldn't get paid at all they took $350 cash and were glad to get it.
If it is a hospital, nursing home, rehab center, etc ask to speak to a case manager. Explain the situation and offer $500 today and $200 a month for a year. Same idea with a doctor direct. There are always other ways to do this including asking your church, the United Way, or some other organization in your area. If you're willing to put some money into the pot even your own company could match it.
Plead your case, have a charity BBQ, contact any organization your aunt is/was affiliated with, you get the idea. Don't be afraid to ask; your goal appears to be a noble one.
Hell, I'll send you $20 if you give me an address.
Senior Member
Joined: Apr 2000
Posts: 12,632
Likes: 1
From: Stinkin Joisey
Originally posted by flafonman
Let that be a lesson to all of you. Next time someone calls from the Phone Company don't hang up, just because you don't want to change your long distance service does not mean that you can't ask them for advice on money management, deep-fat frying, or anything else that is troubling you.
I know these people, they are glad to help out.
Let that be a lesson to all of you. Next time someone calls from the Phone Company don't hang up, just because you don't want to change your long distance service does not mean that you can't ask them for advice on money management, deep-fat frying, or anything else that is troubling you.
I know these people, they are glad to help out.
Just thinking about all the info I missed out on by hanging up on the phone calls I get all day long.On a related note, I pulled some money out of my annuity 8 years ago. By the time I paid taxes and penalties, I ended up with half the orginal amount. I know borrowing from a 401K and a annuity is different, but our reasons where the same, medical. Knowing what I know now, hospital's will work with you over medical bills. There are too many people walking out on bills, so if they have someone willing to pay, they will work with you.
My advice, do not touch your retirement money
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Senior Member
Joined: Aug 2001
Posts: 323
Likes: 0
From: HELL
Originally posted by flafonman
Sorry to hear about your aunt GG
I gave your situation a lot of thought, and the fact is that medical expenses are negotiable. With managed care,HMOs, and insurance companies dragging their feet to pay, many doctors and hospitals are glad to deal direct for cash-at a discount.
A friend's nephew was in from out of state and wound up in the ER, the bill was $1100. He asked if they could do anything for him (college student, no insurance, from out of state); fearing they wouldn't get paid at all they took $350 cash and were glad to get it.
If it is a hospital, nursing home, rehab center, etc ask to speak to a case manager. Explain the situation and offer $500 today and $200 a month for a year. Same idea with a doctor direct. There are always other ways to do this including asking your church, the United Way, or some other organization in your area. If you're willing to put some money into the pot even your own company could match it.
Plead your case, have a charity BBQ, contact any organization your aunt is/was affiliated with, you get the idea. Don't be afraid to ask; your goal appears to be a noble one.
Hell, I'll send you $20 if you give me an address.
Sorry to hear about your aunt GG
I gave your situation a lot of thought, and the fact is that medical expenses are negotiable. With managed care,HMOs, and insurance companies dragging their feet to pay, many doctors and hospitals are glad to deal direct for cash-at a discount.
A friend's nephew was in from out of state and wound up in the ER, the bill was $1100. He asked if they could do anything for him (college student, no insurance, from out of state); fearing they wouldn't get paid at all they took $350 cash and were glad to get it.
If it is a hospital, nursing home, rehab center, etc ask to speak to a case manager. Explain the situation and offer $500 today and $200 a month for a year. Same idea with a doctor direct. There are always other ways to do this including asking your church, the United Way, or some other organization in your area. If you're willing to put some money into the pot even your own company could match it.
Plead your case, have a charity BBQ, contact any organization your aunt is/was affiliated with, you get the idea. Don't be afraid to ask; your goal appears to be a noble one.
Hell, I'll send you $20 if you give me an address.
She is in a different country and the money that I pay will help her. If she was here it would be easier but its hard when she is thousands of miles away. I mean when my dog was sick I paid $3000 for her medical bills but she died the same night. Anything can be replaced but not family. Thanks for your support. Its the thought that counts. I will see about this and speak to someone when I get a chance. If anyone has any more advice, info post up, I'am sure that a lot of people will use your advice in making a decision, I know I have. I will see about refinancing with cash out since its also a possibility. Thanks guys.