Asset depletion/Rebate cards

From: Richard.Vroman@ncal.kaiperm.org
Subject: Asset depletion/Rebate cards
Date: 13 Jul 1998 14:32:00 -0700

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Everyone will have to decide for themselves the ethics of artificially
depleting assets to qualify for any programs like Medicare.  However,
at times natural depletion is quite reasonable.  My grandmother
lived with my parents for many years and paid something like $25 a
month.  To her this was a princely sum, her memory of the depression
being better than that for more recent events.  Of course this amount
didn't even pay the actual cost of breakfast.  When Granny finally had to
enter a nursing home due to a broken hip, she had to use up all of her
assets leaving nothing at all to compensate my parents for all the years
during which they kept her out of long-term care and saved a great deal
of money for the taxpayers.  The take-home lesson is to charge market
rates for room and board in a similar situation.  I don't think anyone
could be faulted for that.

About rebate cards:  look at Chevy Chase Cash Rewards and First Union.
Chevy Chase has been quite good, even to the point of checking about
unusual and large charges by phone.  First Union was our first rebate
card.  Lately, they have not been coming through with the rebate -- for
some months now.  Computer problems are blamed.  I hope that it is not
just that they don't want to pay and are trying to outlast us
hoping we will not use the card in the meantime (so far a successful
gambit).  Both cards have a 1% rebate from the first dollar.  One
possibly useful tip is that college tuition bills may be payable by
credit card.  With two children in private colleges at once, that saved
a useful amount of money.  That's why we have two rebate cards, both
with rather large limits.



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