My father is gravely ill at the age of 54. I am in the process of organizing his finances. He cannot make these decisions due to his illness and the fact that he remains in the hospital. In short, my father has been in the hospital for around 6 months. He is self employed and been sick for three years prior to hospitalization. Unfortunately for my mother, my father was under the impression that after surgery he would be back to work shortly. He has diabetes, new liver transplant, now on kidney transplant, and coronary heart disease. He has been on disability Medicare since Jan 2001. Medicare is refusing to pay expenses because he has not been out of the hospital for 60 days straight. His medical insurance which should cover what Medicare doesn't will not pay when Medicare stops. We have mounting bills and a dwindling savings and checking. We have already moved banking accts out of his name to keep them from going to probate if he should pass away. My mother is 55 and has many years to live with her perfect health. Medicaid is something that our family may have to consider as an option. Medicaid will go after all assets (including IRA) except the house and one vehicle. The vehicles are paid off but the house is not. I am looking at annuities to protect my father's IRA investment. I do not like what I see but annuities are protected from Medicaid. My father currently is on SS disability now but it does not meet their financial needs as it stands. If you include medical expenses, they are completely sunk. ANY suggestions? I am the oldest child and in diar need of assistance. We have the usual Power of Attorneys, Will, and Living Will. Please send me an email (HBWife@hotmail.com) with any suggestions to help me out. I am at a complete loss on how to protect my parents financial future and still meet the medical needs of my father. For others reading this, please learn something from our situation and plan for every eventuality.

Thanks,
Michelle

Greetings, Michelle, and welcome. You asked:

My father currently is on SS disability now but it does not meet their financial needs as it stands. If you include medical expenses, they are completely sunk. ANY suggestions? I am the oldest child and in diar need of assistance. We have the usual Power of Attorneys, Will, and Living Will. Please send me an email (HBWife@hotmail.com) with any suggestions to help me out. I am at a complete loss on how to protect my parents financial future and still meet the medical needs of my father.

You have my deepest sympathies on the situation you are facing with your folks. I regret I have no suggestions for you. Unfortunately and most sadly, until assets are spent down to the level where your State's Medicaid program will kick in, there is no solution I see to the problem your mom and dad face. About the best I can offer is to suggest you consult with a local area elder care attorney who may be able to advise you on any further actions you may be able to take to help your parents.

I wish you well as you travel this difficult road.

Regards..Pixy