cynpen Asked June 2018
Can my father not have a joint account with my mother where his checks are deposited and a trust fund at the NH?
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My father is at NH and I care for my mother at their home. Medicaid told us she could have up to $2000 in the account, but no more. I am in the process of renewing his benefits and the paperwork states that if my father has a joint account that this is against Medicaid regulations. Which is which or what should I do? My mother still need to keep the household going. My father has dementia and Alzheimer's, but my mother is well mind wise she just can't walk. I thought about going to the bank and removing him off the joint account since I do have POA, but I didnt' think this was a good idea or is it? So many quesions. Any input will be appreciated since my due date is tomorrow for his paperwork. Thank you in advance...
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"In most states the Community Spouse may only protect 50 percent of the total countable assets of both spouses, up to $115,920. In other words, all countable assets—no matter whether titled in the husband’s name, wife’s name, or jointly—are totaled up and then divided by two.
The Community Spouse is then permitted to keep one-half of the total, up to $115,920. The other half—minus the $2,000 exemption allowed the nursing home spouse—must be “spent down” or otherwise disposed of, or converted to something that is non-countable."
I think this means that a bank account in the nursing home spouses name needs to be set up with just the 2k or under you spent down to. The other spouse has their own account with their half of the assets they were allowed. I set the NH up as Moms payee with SS and her pension. So her acct only showed the 2k or under. Don't forget, Dads PNA (Personal Needs Acct) goes against this 2K so make sure you spend it. That could be clothes, shoes, favorite candy, hair cuts, anything personally for him.
BUT mom goes and opens up a new account with you as a co-owner & signatory on it and POD to you. This account gets her SS and move over any other $ she has into it? By doing this it keeps her income and assets separate from dads. So if and when Medicaid does a renewal of his Medicaid and asks for months of his banking statements there’s clearly no crossover of her income/assets and his. Medicaid allows for the community spouse (your mom is the CS) to have exempt assets. (For my moms renewal, Medicaid asked for mom’s last 4 mos of bank statements from date of renewal letter). Only your dad has to be “ at need” financially for Medicaid as he’s the only one on Medicaid. Most states have CS nonexempt assets maximum at about $120k plus their home & a car (both have to be under a set value). But she can’t have the $ commingling so that it can be viewed as dads. Separate bank accounts does this.