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Will an Increase in Income Make a Nursing Home Resident Ineligible for Medicaid?
- April 7th, 2016
You have a few issues here revolving around the distinction between income and assets. When you receive your Social Security benefits at the beginning of the month, it may push your account over $2,000. However, during that month the Social Security is not treated as an asset. Instead, it’s income. It only becomes an asset if you don’t spend it by the end of the month. So, for instance, let’s assume you have $1,500 in your bank account on April 30th. On May 1, you receive $1,000 from Social Security, bringing your account to $2,500. That’s not a problem as long as you spend at least $500 during the month, bringing your account back down to $2,000 or less by May 31st. If you don’t spend the money and still have $2,500 on June 1st, you will have a problem. It's almost impossible for there to be a problem in the nursing home setting because even when you receive Medicaid coverage you must pay virtually all of your income, less a small personal needs allowance, to the nursing home.
For more information about Medicaid and income, click here.
Local Elder Law Attorneys in Ashburn, VA
The Law Firm of Evan H. Farr, P.C.
In practice since 1987, Fairfax Attorney Evan Farr is widely recognized as one of the leading Elder Law, Estate Planning, and Specials Needs attorneys in Virginia and one of foremost experts in the Country in the field of Medicaid Asset Protection and related Trusts. Evan Farr has been quoted or cited as an expert by n...
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Mindy Felinton concentrates in the areas of Medicaid planning, Veterans' Benefits, asset protection, nursing home planning, elder law, wills, estate planning, trusts, living wills, powers of attorney, probate administration and trust administration and began her legal career 30 years ago as an Assistant State Attorney...
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For Jeffrey Hammond, the practice of Elder Law is personal. Jeff’s many years of experience in law and in business did not prepare him for the crisis he faced in 2005 and 2006 when his father suffered a stroke and both of his parents suffered from dementia and other medical problems. At that time, Jeff began an i...