So my dad’s lost his 4th job in 10 years. Each time took him about 2 years to find another job. Last few times they had financial help from a nonprofit.
He made 123k and my mom makes 35k working part time.
Dont know his package but his, my mom, and my sisters insurance ended yesterday. He has Rhumatoid arthritis and my sister has cancer and both of them qualify as disabled and my mother is old enough for Medicare. Also from what we were told if my father goes on Medicaid my sister would qualify for Medicare. It sucks but somehow the rate he was quoted for COBRA was half of his former monthly salary.
They have a mortgage, a HELOC, loans on home repairs (one of which has the house as collateral), a very low end car lease, and parent plus loans (which I’ve told them I’ll take over).
Two things that make this complicated.
Their retirement savings situation is complicated and terrible. Like if they wipe it all out it’ll remove all debt and keep the house and the car but then they’re left with a very small pension my mom has from years ago and SSI/SSDI.
My financial situation is very weird at the moment. I was also out of work for a while and live with them but I’m now in month 3 at a new job I could potentially stay in for the rest of my life. As a result my credit card debt is high but that’ll be gone in six months (besides for that my only real expenses are a car lease and work travel expenses). I make 140k annually but besides for their parent plus loan they won’t accept my money and they said whatever I haven’t paid off of the loan will become their responsibility when I move out.
Any advice. One idea I had was just constantly withdraw cash and sneak money in.
