Early onset

mlandis

Hello, this is my second post. My DW has been dx with alzheimer's at the age of 53. Her mom died of this at 59. She is a candidate for Leqembi and we are waiting on insurance approval. I have DPA and going to have her make a Will and I will be getting healthcare PA soon. Does anyone have advice on what we can do with her 401K or who to talk too about this. I am getting all bills and debit out of her name and want to use some of her retirement to pay things off and start her bucket list.

Thank you for reading, Mark

charley0419

I would contact an elder care expert to guide you. I was told if it comes time for Medicade to step in to take house out of both names.

BethL

Don't move any money without consulting a qualified CELA. Doing so "incorrectly" can jeopardize your ability to qualify for Medicaid funds should you need them for her care.

harshedbuzz

@mlandis

In addition to a CELA for those documents and potential Medicaid guidance, I ask a tax accountant about tax consequences.

HB

Belle

+1 on what @harshedbuzz said about consulting a tax accountant. Touching 401K's/retirement funds may result in a huge tax bill and even penalties given your DW's age. I wouldn't move a penny of that money without professional advice.

M1

Another point--most investment companies have their own POA forms they'll want you to sign, regardless of what you do with the money. Ask--they usually will not accept a general POA. But I agree you need advice before you access the money. At this young age, and if she retired from a job because of disability, she should qualify quickly for SSDI and that will make her also eligible for Medicare (not Medicaid) shortly thereafter. Certified elder law attorneys can be found by location at nelf.org.

mlandis

Thank you both for your advice. I got her on SS disability that starts this month. They said she could not get Medicare for one year. Is there any other health insurance assistance. I have her on my work insurance and that is costing me $1k per month and increased my deducible to $6k per year.

Thank you again, Mark.

M1

Mark the only other health insurance option would be healthcare.gov, you should check it out as it might be cheaper, and she'll probably be eligible to change if she's going on SSDI. But they really, really do gouge the premiums for folks in their fifties (I know because I paid my own for ten years pre-Medicare). Glad it's only a year wait on the Medicare, you'll think you've died and gone to insurance heaven. But so, so sorry you're facing this otherwise. It's heartbreaking.

JDancer

You might want to consult an insurance agent. The one that helped me sign up for Medicare was able to find an inexpensive marketplace policy to cover my DH until he qualifies for Medicare- he's early onset.

I looked for a policy online myself, but that led to dozens of robo calls.