My uncle is single 65+ and currently in a nursing home in state of New York. The Medicaid process has began and is almost complete, but I'm curious on a few things. I understand he's allowed $14,850 in an account. What happens to his monthly pension? Does that go directly to Medicaid? Does he get to have any monthly income?
Right now he has a savings account with $8,000 in it, is that going to be lost money? Is there anything I can do to pull out that $ or do something so he doesn't lose it? I know they have a 5 year look back period. Do they have a dollar amount they look for, like say anything over $1,000?
We do have a senior planner and I do plan to ask bunch of questions, but it's of course the weekend and she won't be in until Monday. Thanks!
Would the stress of moving the money really be worth it? I don't think so. It will be found and then even the chance of criminal charges. Medicaid will permit a small allowance to him each month.