money is becoming an issue for me. I just wrote my Medicaid appeal letter and included a section about my finances. I explained that I only spend on rent and food and the rest I save. every few months I have to go on a spending spree to make sure I have less than maximum amount for Medicaid. which in my opinion is too low. I mean I can’t afford a house on $7k.
my rent is going up soon so I will have less spending money, which is almost a relief at this point. I could use some new clothes but that would only cost me 1,000 max. I already have in my possession a nice acoustic electric guitar to help pass the time. a nice laptop, a road bicycle, a bed, some clothes, and nba league pass to watch the Celtics. I think I got what I need and now I will soon have too much money for Medicaid. but not enough to live in an assisted living facility. I don’t know what to do. I don’t want to keep spending and end up with a lot of junk. at this point the only sensible thing to do seems like I should just buy a safe and stash my extra cash in it.
Just a thought @Lifer but rather than spending money to acquire possessions could you look into donating your funds? You know…special interest groups, charities, religious organizations.
No need to buy a safe has safe deposit boxes so can be had for cheap but that idea works too.
Those were just ideas and if you don’t have an issue with under reporting your cash on hand the safe idea is also a viable alternative. You’ll figure it out. Best regards.
Yeah matey. Nice problem to have. In a similar position I’d buy gold or jewelry and stash it in a safe. It’s a nice problem to have! I do ok but that means I can’t work on the pension. Australia has some pretty strict payments these days.
You don’t have to buy things. Why not get rid of any extra money by going to a concert or something else fun? Go to movies or out to eat or some other types of entertainment.
@Lifer, getting a safe deposit box at a bank for your extra cash is a bad idea because the staff at the bank have access to your safe deposit box. The staff at my bank had access to my safe deposit box when the bank closed down and moved to another location. You never know when something like this will happen. The bank staff always have a key to your box themselves and as long as this is the case, your money is not safe there.
I myself have a very heavy safe that I keep in my bedroom, locked at all times, with a double lock. You can buy a good, sturdy, heavy safe online for about $250. I bought mine from Honeywell.
Hmmm. It doesn’t sound right that a bank can open your safe deposit box without you. Are you sure that’s correct? Even if it’s correct there must be some safeguards in place that prevent a bank employee from opening your safe deposit box any time they feel like it.
But it could be that a safe deposit box can be like a safe or am airplane or launching a nuclear bomb where it takes two people with two keys having to each turn a key to get the thing launched or started.
That’s how it worked when I had a safe deposit box. My own key and the bank key was required to open it. Not saying there are cases where it’s been different though.
Note: I held the key to the silo for many years. It was a commission based position and World Peace was killing me.
You can open up an able account in your state which allows you to put 15k in it per year without losing ur Medicaid or any benefits ur eligible for. Try googling able acount in ur state or ask ur case manager about it.