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There is no such thing now as "uninsurable". A pre-existing illness cannot be used to deny insurance coverage. With these funds it will not be a difficult thing to purchase insurance care. When the funds are gone Mom will again receive care.
The important thing now is that Mom's POA meet with an ATTORNEY. With this kind of sudden income it is not a guessing game and it is not "we hear that" and it is not the opinions of Forum members from all around the world. Your mother now needs EXPERT ADVISE FROM AN EXPERT. See a good Elder Law Attorney at once.
My suggestion is to speak with 2 or maybe 3 CELA level of estate & elder way attorneys in your State and pick the one your mom and you or whomever is her POA gel best with. Perhaps speak with your mom’s divorce attorney for a suggestion (not again NOT your dad’s divorce lawyer).
and be careful on what you post on line or say to others, as you will be approached by less than scrupulous folks. That’s a life changing amount of $.
As part of a divorce, this question of how she would get health insurance coverage SHOULD BE PART of the divorce finance settlement. If she is NOW covered under his in insurance (?), then the cost of coverage for 5 years -- 60 to 65 -- should be part of the divorce financial negotiations!
Then get with a tax/wills, trust and estate attorney, elder care attorney ASAP! The divorce attorney in theory should be able to advise on this too. If your mom takes a lump sum from his 401K that is "taxable income to her" and both state and federal taxes will need to be paid out of that. There may be ways to INSTEAD shift these funds to a "special needs trust" for her, for her care which may be a way to "shelter" these funds from taxes if she meets some of the legal definitions of "disabled."
Does she now receive SSI disability payments? Again, the right lawyers may be able to help get her qualified for Social Security Income disability payments AND PERHAPS Medicaid/Medicare disability coverage depending on what here specific disability is. For example, folks with End State Renal Disease can qualify for Medicare BEFORE age 65. That is to say, if legally disabled she may be eligible for one or more "federal" or "federal/state" health insurance program.
All to say YOU NEED TO GET THE RIGHT LEGAL HELP NOW.
Believer your mom is in Kentucky?
contact your bar association, look up tool here
https://www.kybar.org/search/custom.asp?id=2947
Or KY legal aid
https://www.klaid.org/
What are her "multiple health conditions"?
Who told her she was uninsurable? Was it a private health insurance broker?
If she will be receiving $800K, she will have enough money to buy some sort of health insurance, even if it's just catastrophic coverage. She will have enough money to live on, regardless if she loses her SSI and Medicaid. Since it's a 401k there may be some penalty for starting withdrawals early, but I'm not a CPA or financial planner so cannot say for sure, I just know that's how it is with mine. Money she withdraws and begins to use will most likely create an income tax exposure, so this is why you need to work with a CPA. You should also work with a financial and/or estate planner at this point.
I'm 65 and married but I don't think I'd ever want to buy a house at 60 (and single) and have to deal with the maintenance, repairs, taxes, insurances, etc. especially if you are the one who would be orbiting around her if/when she can no longer do it herself. It's also very expensive to hire out the work right now. She needs wise guidance from experienced professionals to help her have the best future possible. The effort to find them and the cost of consulting will be worth it. You aren't going to find anyone worth a darn to do it for you or for free.
Who told you she was uninsurable? I thought the ACA made that a thing of the past.
She didn't tell me what company it was...
Honestly, I need help finding an attorney for her. I am incredibly overwhelmed as it is...but i would love it if we had someone who knew the laws to take over T_T
If your mom has been diagnosed with a dementia, she is eligible for Social Security Disability and Medicare. I went through this with my husband who was diagnosed with Dementia at age 54.
He did not have a high enough work score to be eligible so the SSA rejected the application. Then I contacted the Alzheimer’s Association and they told me about a Compassionate Allowance application. There is actually an exception for Dementia related diseases. I applied and he was approved. He gets SS Disability pay and Medicare.
When you apply, it’s crucial that you make clear the date she was diagnosed. Have a doctor write that up. She won’t be eligible for Medicare until 25 months after she’s deemed “disabled”. Her doctor needs to run that date back as far as possible. She can receive the disability pay immediately. She will likely need a Representative Payee for her disability check and the bank can set that up.
Here is the link to the compassionate allowance info.
https://www.ssa.gov/compassionateallowances/
Yes Mom will lose her Medicaid and SSI. She will have 800k! If she watches her spending that should last her a long time.
Honestly, I'd love to have a professional handling this. We are terrified and I am incredibly stressed. But I did find out that KY Medicaid does not count IRA's, so that's a possibility. I think I need help finding someone who knows about KY law and Medicaid and all that...