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As Americans, we know that the virtue of spending money at will is as classic an American tradition as eating apple pie. The need to exchange sometimes exorbitant amounts of cash for goods and services is a need that is ingrained in our freedom-loving, capitalist minds. Today’s society makes it easier than ever to find new ways to spend our money. Glossy advertisements from credit card companies arrive in the mailbox with the announcement “Pre-approved” liberally plastered on the mail-out. Installment plans can be used to pay for anything from automobiles to Disney World park passes. Automated Teller Machines have replaced their human bank teller counterparts with their instantaneous ability to dispense cash. In America, we cherish the freedom to spend our money as we see fit. However, not all methods of payment were created equal. Future Medicaid applicants should be especially wary of certain means of payment, including the use of debit cards. Debit cards hold the potential to sabotage seniors’ Medicaid eligibility.
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Fred Thompson’s many career accomplishments include serving in the United States Senate, a six-year acting stint as a tough-knuckled district attorney on Law and Order, and a Presidential run. Now, Senator Thompson can add acting as a reverse mortgage company’s front man to his already lengthy resume’. Thompson is just one of several celebrities who have been recruited by reverse mortgage companies to appear in slick television commercials extolling the virtues of taking out a reverse mortgage. Henry Winkler, who may be remembered by many as “the Fonz” from the popular show Happy Days, has signed on as a spokesman with One Reverse Mortgage, the number three reverse mortgage company in the country. James Garner, the actor who starred as Brett Maverick in the late-1950’s western series Maverick, has appeared in commercials for the reverse mortgage company Financial Freedom. Another company’s celebrity of choice is Robert Wagner. These famous faces and the companies they represent want seniors to believe that taking out a reverse mortgage is a no-lose way to earn some quick cash. |
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Today’s experts all agree that purchasing a life insurance policy is a sound investment decision. While the costs of funerals and burial arrangements continue to climb, a life insurance policy can be used to help ease the financial burden of a family after a loved one has passed away. When you apply for Medicaid, the value of a life insurance policy is frequently used in the Medicaid agency’s evaluation of your eligibility. Even though many people may not consider a life insurance policy, it is often counted by the Medicaid agency as if it is an available resource that can be used to pay for nursing home care and other expenses. Seniors who plan on applying for Medicaid benefits, as well as their family members, need to be aware that the value of any and all life insurance policies of a certain value will be counted as a resource when the time comes to apply for Medicaid. |
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Do you anticipate applying for Medicaid at some point in the future? If so, become a pack rat. Saving certain documents and information can be crucial to receiving Medicaid benefits. Preparing an application for Medicaid requires what may seem like a mountain of information. The entire application process can be daunting, but families of seniors can simplify the process by maintaining important documents and accurate records. Thrifty seniors need not despair. You can still throw out all the unwanted food, presents, and other items that may accumulate as the days wear on. However, any document remotely related to personal finances as well as other pertinent healthcare information should be saved. Keeping these documents could make the difference in an applicant’s Medicaid eligibility. |
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When dealing with Medicaid issues, death is an unavoidable topic. The death of a loved one is often a very difficult experience for the family and close friends. The last thing any grieving spouse, child, or grandchild wants to face is an exhausting battle with the Medicaid office over the deceased’s will, or lack thereof. However, many complications can arise when a widowed spouse fails to understand existing law concerning the rights of the deceased’s spouse to a certain portion of the estate. The simple explanation: Medicaid’s rules can sometimes supersede the provisions in the will. |
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