**EXHIBIT      21**

**Standard      Management Corporation and Its Subsidiaries**

|                                                                                                               |   |   | **STATE                  OR COUNTRY IN WHICH ORGANIZED** |   |
|---------------------------------------------------------------------------------------------------------------|--------|--------|----------------------------------------------------------|--------|
|  **NAME                OF SUBSIDIARY**                                                                   |   |   | **INCORPORATED**                                         |   |
|                                                                                                          |   |   |                                                     |   |
| *U.S.                  Health Services Corporation                                                            |   |   | Delaware                                                 |   |
| *HomeMed                  Channel, Inc.                                                                       |   |   | Indiana                                                  |   |
| *HomeDoc                  Corporation                                                                         |   |   | Indiana                                                  |   |
| *Apothecary                  Solutions Corpporation                                                           |   |   | Indiana                                                  |   |
| *Long                  Term Rx, Inc                                                                           |   |   | Indiana                                                  |   |
| *Precision                  Healthcare, Inc                                                                   |   |   | Tennessee                                                |   |
| *Rainier                  Home Health Care Pharmacy, Inc.                                                     |   |   | Washington                                               |   |
| Standard                  Marketing Corporation                                                               |   |   | Indiana                                                  |   |
| Standard                  Management Financial Corporation                                                    |   |   | Delaware                                                 |   |
| *Premier                  Life (Bermuda) Limited                                                              |   |   | Bermuda                                                  |   |
| Standard                  Development Company                                                                 |   |   | Indiana                                                  |   |
| Standard                  Management Capital Trust                                                            |   |   | Delaware                                                 |   |
| Universal                  HealthCare Company, LLC                                                            |   |   | Indiana                                                  |   |
| Standard                  Management Adminstrative Services                                                   |   |   | Indiana                                                  |   |
|                                                                                                          |   |   |                                                     |   |
| *                  Substantially all assets have been sold, or are in process of being                  sold. |   |   |                                                     |   |

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