NOVEL THINKING

What to do now? Does your mother have substantial assets other than the car, or is that her major asset? Another way buying a car can impact your score is in changing your credit mix. mts. What if I own more than one vehicle? But as an example of how the law may be applied, here’s how the rules work in Massachusetts: A Medicaid recipient may have one vehicle so long as either (a) the value is under $4,500 or (b) the recipient can prove a need for the car. Now, consider the difference if that same person bought a car before buying a home.

Im pregnant and on medicaid, found out its twins so i need a bigger vehicle but im worried that buying a car wll cost me my medicaid.... as long as its not new or too expensive, and even if it is, if your that worried, and you have a trusted parent or someone , you could have the vehicle put in their name, and you drive it. No reader of this post should act, or refrain from acting, on the basis of any information included in, or accessible through, this website without first hiring a lawyer licensed in your state to discuss the particular facts and circumstances at issue. According to the Consumer Financial Protection Bureau, most mortgage lenders will only approve someone if their debt-to-income ratio falls at 43% or below including their new mortgage payment. For more information about Medicaid's asset transfer rules, go here: http://www.elderlawanswers.com/medicaids-asset-transfer-rules-12015. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com, They have the following debts, totaling $450 each month: In this situation, 43% of the person’s income is $1,505. Question...Uhh...what you think....think of this chevy...truck ? Next vehicle will have a low trunk threshold. Some prefer a brand new car every couple of years, others prefer to buy a used vehicle.

We hope you find the site and the journalism we produce useful.

This will be a question of local application of the Medicaid rules, so you will have to consult with an elder law attorney in your state. •

We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere). This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. I will discuss this topic further in a future elder care attorney article (as it has its drawbacks and risks).Â. You can get started, even with not so great credit. While well spouses are often expected to take care of their sick spouses, the law does not require them to utilize their own assets to do so. That substantially lowers their buying power when looking at homes. Our Business Model

Likewise, the applicant can purchase a new automobile if he or his spouse will drive it. Here is a good government article about what community spouses can do with money: I don't think Pam is correct about this when a community spouse is involved. Medicaid patients have no credit.

We have a lot more information about disability benefits and cars here.

Check your credit score. 2 Answers. It’s a good idea to make monitoring your credit scores a part of your financial routine so when you’re ready to buy a house, you’re prepared to work within your credit standing. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. Sign up for our Credit Report Card and receive the latest tips & advice from our team of 50+ credit and money experts as well as a FREE Credit Score and action plan. Join Yahoo Answers and get 100 points today. Are we talking about a 10-year-old Corolla or a brand new Mercedes? What To Do If You Can't Make Your Car Payments. That substantially lowers their buying power when looking at homes.

Another way to prevent getting this page in the future is to use Privacy Pass. Connect with him at Sonoma County Mortgages.

These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. For the 5 year look back in NY, does Medicaid look at credit card statements in detail? Medicaid patients have no credit.

My friend cries when I put my kids first he has helped me buy my first car so I appreciate it but he wants me to throw my kids in the back ?

City, State. Government-backed loans, such as those through FHA, VA or USDA programs, tend to have the most forgiving credit requirements. loan that’s right for you today. Our Reporting (2)   Cars and trucks that are over 25 years old that may be treated as classic cars or antiques. That means you will have to do this on your own, without his credit. This means that the community spouse can retain up to $123,600.00 in the couple’s joint assets (or of the sick spouse’s assets if not jointly owned) as part of the state’s policy toprevent the community spouse from having to impoverish him or herself so that the institutionalized spouse can obtain long-term care and Medicaid benefits.Â, 2.      Spousal Refusal. Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. Jason is committed to assisting and protecting the most vulnerable members of society, through his substantial legal work with the elderly. I can help you compare costs & services for FREE! Funeral and Burial Funds Medicaid considers the value of any non-refundable pre-paid funeral plan or burial contract exempt. I just need a few things to get you going. No, on Medicaid you can't get a loan or lease. The interest rates are usually better than credit cards too. Consider the example below. Always seek personal legal, financial or credit advice for your relevant jurisdiction. 1 decade ago Will buying a car while on medicaid affect or cause me to lose my coverage? It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

But there are two ways this situation can be handled.Â, 1.      Allocate the value of the community spouse’s vehicle to their community spousal resource allowance (CSRA). It does not matter if a second car is, in fact, unusable. https://aspe.hhs.gov/basic-report/spouses-medicaid-long-term-care-recipients. The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. Get personalized guidance from a dedicated local advisor. They link you with a personal loan to fit your needs, whether its to pay bills, consolidate debt whatever you need. Will Restrictive Immigration Policies Cause a Shortage of Caregivers for the Elderly? Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.

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