By Betty Berry, Tuesday, November 24, 2009 Q: Due to several unexpected events, my parents are finding their income is not sufficient. They have been hearing from friends that they should look into a reverse mortgage.
Before they take any steps in that direction, I would like to learn more about the process and pros as well as cons. Do you know where I can receive unbiased information?
A: Your parents, like many seniors, find themselves in a situation where they are “cash-poor but land-rich.” For those seniors who own their homes, a reverse mortgage is one of several options they can consider to supplement their income.
I congratulate you on looking for answers in order to help your parents understand exactly what is involved in taking a reverse mortgage. Not all situations are the same and while a reverse mortgage may be right for one person, it isn’t right for another.
As to your question about where you can receive unbiased information, I can point you to the Senior Concerns Seminars Series, “Solving the Aging Puzzle.”
The next presentation is “Reverse Mortgages, Found Money — Make your House Work for You.”
This presentation is scheduled for Dec. 8 from 7 to 8:30 p.m. at Senior Concerns Day Care Center, 401 Hodencamp Road, Thousand Oaks.
Debbie Lee, reverse mortgage branch manager of Wells Fargo Bank, will facilitate the session. Lee is well versed in both regular and reverse mortgages and has worked in the field for many years.
Attendees will hear how to obtain income from their homes and learn what a reverse mortgage is and how it works. Eligibility requirements will be explained and details will be provided. There also will be some discussion about the effects of the current economic conditions if one is considering a reverse mortgage.
Reservations are suggested and can be made by calling Senior Concerns at 497-0189. If you forget to make a reservation, walk-ins are always welcome.
If you need respite care for a special-needs senior so you can attend the seminar, you can arrange for that care at the center when making your reservation. Reservations for respite care are required.
There are no fees for these discussions, but a donation of $5 is suggested to help cover the cost of the event.
Q: I have been told there is something called the Medicare Patients’ Rights. Do you know if it exists and what it says?
A: There is a document called Medicare Patients’ Rights, which details guaranteed rights to which all Medicare beneficiaries are entitled.
These rights protect you when you seek healthcare, assure you access to needed healthcare services and protect you against unethical practices. You are guaranteed these rights whether you are covered by the original fee-for-service plan or the Senior Advantage plans.
Your rights include protection from discrimination in marketing and enrollment practices. You are entitled to information about what is covered and how much you’ll be required to pay. You also are entitled to information about how your health plan reimburses its doctors.
As a patient, you have the right to information about all treatment options available to you. If you are a woman, you have the option of choosing a women’s health specialist as your primary doctor.
Should you have a complex or serious medical condition, you have the right to receive a treatment plan that includes direct access to a specialist.
In the case of an emergency, you have the right to receive immediate care.
If you are unhappy about a decision made on a claim for payment for services received, you have the right to appeal that decision.
If for any reason you believe any of your rights have been violated, contact the Health Insurance Counseling Advocacy Program (HICAP) at 800-434-0222.
— Betty Berry is a senior advocate for Senior Concerns. The advocates are at the Goebel Senior Adult Center, 1385 E. Janss Road, Thousand Oaks, CA 91362; or call 495-6250 or e-mail betty@seniorconcerns.org.