Is Medicare Part B a good value?
My mother is a widow. She is 84 years old and receives $1,450 per month from S.S. and has savings of $50k in various stocks and bonds. She has no other income or money . Her S.S. covers her monthly bills. She has a 10k life insurance policy that costs $140 per month. She has no health insurance. She has Medicare Part A which is at no cost to her. She has never enrolled in Medicare Part B and will need to pay a hefty monthly late enrollment penalty if she now enrolls.
Now to my question ... Can my mother afford to now buy into Medicare part B? Should she go ahead and pay the hefty premium even though it will deplete her $50K in savings much sooner than if she didn't purchase part B? And finally, if she should go ahead and purchase part B, should she cancel her $10k life insurance policy and use that to help pay for part B?