My dad is going to need more and more care as time goes on.I earn about 13.00 per hour at my current job and my commute is 25 miles/45 minutes each way. Dad has offered to pay me for his care, including my Cobra. I really dont see putting him in a nursing home or assisted living when it costs more than what I earn in take home pay. He has rental properties(which he needs help with in addition to his personal care) and would have to sell them to pay for a nursing home or assisted living, which could cause problems with my financial security later on. I do not have any children to care me in my old age. I do not want to keep a low pay job if it is going to cost me a house in the long run.I also might be able to return to my former job part time, not sure, havent talked to my former boss yet. It is about the same pay but it is a few miles from home. I am also concerned about the wear and tear on my car driving 50 miles a day, the car I have been driving is a 2004, so I am nervous about making the trip in the winter. My dad got sick right after I took this job in May. I never would have taken it if I knew he this was going to happen. I am just afraid it is going to cost me in the long run to keep this 13.00 an hour 45 minute commute each way job.
To get more ideas about quitting work to care for your Dad, go to the upper right corner of this page where you see SEARCH SITE and type in "quit job", click on what looks like a magnifying glass, and you will see many discussions and articles about this. You will see many answers from people who did quit and what had happened.
What if he outlives you? That happens 1/3 of the time with care givers. Who will pay your social security, so that you have income for your own senior years?
Do a lot of reading on this site about caring family members that have quit their jobs to care for a parent.
As for COBRA, that plan is only for 18-months. After the 18 months you will be on your own for getting health insurance. Thank goodness for the ACA where you now have a variety of good health insurance plans to choose from, from various health insurers.
What is the track record on the service calls for the 3 rentals? Are these single family homes or condos. I use to be a landlord of a few single family properties and eventually it become too muck work for me and that was back when my parents were very mobile and one their own. Even though I had outstanding tenants, something was always breaking down, thank goodness I had yearly service contracts for the heat and air conditioning. One house the stove, dishwasher and refrigerator all took their last breathe within one month's time. A good landlord shows up on the door step within an hour.... that helps to keep away those midnight calls that the disposal is clogged :P
It might, especially if you don't move in with him. Make all the arrangements formal legal agreements, spelling out what you are doing and what you are getting paid. Pay income and self-employment taxes. Treat the business part of this as a real job. I'd still get a parttime job for interaction with other adults, if nothing else.
If it happens that Dad eventually needs more care than you can provide and he needs a nursing home, his assets will be used up for his care. Do NOT defer your compensation to some day in the future or to an inheritance. The future is always uncertain. Dad should pay you monthly for your services.
Is he willing to do this? If he thinks he doesn't need "care" will he pay for it? The rental management help might be an easier sell at first.
Do you have durable and medical POA for your dad?
At your age and in this economy can you afford to quit a full time job although it does pay a little less than $25,000 a year?
Would your dad's rental property bring in enough money to support the two of you and his increasing medical needs?
Does this house you are living in belong to you or to your dad?