I am concerned what would be the best course of action so that he maximizes his benefits from GM, etc and minimizes the loss to his 401K, personal investments, IRA, Home, etc etc....
I started a claim for disability benefits from GM but not sure where to turn to know if I am doing the right thing.
Thanks in advance!
What is Father's cognitive state now? Can he comprehend and participate in discussions about his finances?
If you are POA and he is competent, why don't you both go to a financial planner and discuss his best options at this point? Supporting himself and paying for what might be substantial medical costs the rest of his life would be the first goal, I assume.
I think your job right now is to understand his deficits and understand what the options for rehab are. You want him in the best short term rehab place near you, hoprfully one that can do cognitive rehab as well as speec, ot and pt .having him in a place that also has assisted living and long term care available might also be a good idea,, depending upon what sort of recovery is in the cards.
Remember those funds are there for his care. You should certainly consult an eldercare attorney, especially if there is a spouse involved, because the spouse needs to be protected from impoverishment.
I don't think I am POA, how do I do that? He would gladly agree to that I'm sure.
I dont know if he has a trust lawyer. what if he doesn't?
I think he will be able to participate in discussions soon...maybe like 1-2 weeks.
Yes he is still in SICU, slated for private room tomorrow hopefully.
Is your mom still around, or does dad have a spouse? In other words, is it possible there is someone else who is poa?
His health care plan will pay for medical bills. With a hospital stay, he will quickly be at any 'out of pocket' maximums . After that, his health care plan may pay the full bill! Call his health care plan provider (number on the back of his health care card) and make sure you understand what is covered with respect to rehab services. As Babalou stated, get the BEST care possible. Your Dad is young and has the potential for many happy years, but he has one good shot at a significant recovery. While he is in the hospital, ask around for the BEST rehab ;place. (The staff in hospitals too often make arrangements for the easiest rehab! Do your homework) .
No action is needed for 401k, IRA, investments, etc. They are the least of your problems right now. And, GM may have an Employee advisory service available - many large firms do! They will help identify rehabs, etc as well as in home services he may need in the future.
Have faith, most of us look awful post surgery, it takes a while to shake it off!
CarlaB is a former pension rights attorney and regular poster here. Perhaps she'll see this post and offer an opinion.
I think the first thing to do, whether you're proxy under a DPOA or POA, is to take inventory of his assets. You'll need that for any meeting with either a financial planner or an attorney. But do be aware that an attorney may view the assets and protecting them from a different viewpoint than financial planner.
no there is no one else who could be proxy or POA, just us 3 sons and he asked the ER that I be the POA or Proxy when he was coming in...
Thank you! I now have the confidence that starting a disability benefits claim with GM was the right move and I will go from there.
This hospital is a distance from his/our home so research there might just be next for rehab and pt/ot assisted living care facility best near home.
What about bringing him out of state for this portion of recovery?
He is in OH but I live in MO, and I am likely the best candidate to visit frequently, give moral/spiritual support....work with him, etc....and that would seem alot easier if he was inpatient near me instead of his own home.
Thank you all!!!!
I would consult with his doctors to determine what rehab might be appropriate; get an approximate length of rehab time as well. It's not always predictable but they can give you rough estimates.
It would also help to become very familiar with his health coverage through GM.
Have you thought about long term care plans in your state or his, after recovery? Have the doctors indicated whether he'll be able to return to work? If not, that's a major consideration not only in where he might rehab but where he might be staying after that, i.e., whether he'd be returning to his own home.
Is your mother alive? Are there any relatives near his home to assist with care?
Another thing I would do is my own investigation of rehab facilities. After the first time relying on hospital discharge planner recommendations, I never did again Make a checklist of issues of concern, including staff:patient ratio, research facilities locally as well as in your area on the Medicare website, and avoid those with bad reputations.
So....POA? How to obtain?
It feels great to finally say...He is "out of the woods" so to speak!
I can now work with him directly for decisions regarding the next steps! phew what a huge relief and Blessing!
Hugs to him and to you.