Can I Keep Medicaid after Inheritance or Injury Settlement
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- Опубликовано: 20 июл 2024
- If a Medicaid recipient receives money from an inheritance or personal injury settlement, this video explains some of the options available to maintain their Medicaid eligibility.
Article re: How to Keep Medicaid after Receiving an Inheritance: www.elderneedslaw.com/blog/re...
Article re: How to Keep Medicaid after a Personal Injury Settlement: www.elderneedslaw.com/blog/pe...
More Info re: Personal Services Contract: www.elderneedslaw.com/blog/wh...
More Info re: Medicaid Special Needs Trust: www.elderneedslaw.com/article...
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First off I'd like to thank you for helping to educate the public on these important matters. So anyway, I'm going to receive an inheritance for close to 300K. it's already gone through probate. I'm over the age of 65 and I'm on Medicaid. Now I had cancer approximately 7 years ago and Medicaid covered all the bills and I'm talking about two operations six weeks of radiation 6 months of chemotherapy many CT scans MRIS and on and on. Needless to say that added up to a whole lot of money. I would like to get my inheritance and invest most of it, maybe spend a little. I would like to free myself from Medicaid and SSI. Now my question is can Medicaid try to get reimbursed for all the medical expenses I racked up, if I proceed with just accepting the money and cutting my ties with Medicaid and just continuing on with Medicare. Would appreciate any information you could give me.
Hello. Medicaid only has a lien against your estate after you pass away (meaning you can leave Medicaid now and they wont ask for any money back unless part of a personal injury matter). I hope this helps and I hope you recover soon!
Thank you for the informative video! I had a quick question- when you say “received” a personal injury settlement would that be the date of the settlement check or date it arrived by mail to my home or the date I deposit it in my bank account?
Separately, would I have the option of gifting that money to a relative or multiple relatives?
The relevant date is the date you were entitled to the money. When its in your personal injury lawyer's trust account, you don't necessarily have entitlement to it (PI attorneys often spend months negotiating liens, letters of protection, etc... before you can get the net proceeds). Gifting is generally a bad idea but it depends on the Medicaid program in question.
what if home or proprty is damaged no injury. and insurance gives you check
Any new source of money can jeopardize SSI and Medicaid. You should speak to a Medicaid planning attorney before taking the money so you have a plan to protect those benefits.
Hi. I'm hoping to get an answer back from you regarding a spend down. I've searched the internet & there's just really no list of what you're allowed to spend on. I'm in Texas, received an inheritance the first of this month & have decided to spend down the money this month. I reported the change to Medicaid & SSI as I want to do everything by the book. I asked them what I'm allowed to spend the money down on & nobody can give me an answer. In fact, they don't even seem to know anything about it which is just so helpful. 😉 I do plan to buy a car & then for spending the rest, are you able to buy anything you want? Like if I wanted jewelry, would that be allowed? Or do the items you buy have to fall under a certain category & how do I find out what that is, because I've got to get this money spent this month. Thank you so much for any help!
Hi there - for a Medicaid spenddown, you really need to speak with someone knowledgeable in your state (we are Florida Medicaid Planning attorneys). To find someone near you, please visit: www.naela.org.
what about if have to have a garnishment thats every 2 weeks ?
Might get it adjusted by court
You said figure out how to spend the 40k... Would buying a house with a mortgage(obviously) if you are not already a homeowner work?
In Florida, yes - if (a) its your primary residence/homestead or (b) if its income-producing property. If you have an imminent inheritance or injury settlement, you can also place the funds with a pooled trust that would give you "breathing room" to find a house/rental property. I would also strongly urge you to handle this under the supervision of a Florida medicaid planning attorney to make sure everything happens on time, its reported correctly, etc...
@@elderneedslaw thank you for the reply. I asked you, knowing you are talking about Florida depite the fact that I live in Colorado. Im adhd....recently diagnosed. Went to college 5 times..tried hard obviously...failed. Adhd is aparently the culprit. Now im in for 9k plus intrest at around 12k for student loans. Single dad of 2 kids ful time. I make just a littlebtoo much for food stamps and close to losing medicaid. If i ever get a raise it might put me over. I only make $15.50/hr and in Colorado...its way too little to rent a 2 bedroom apartment..even a low income one. I may receive approx 25k in the future depending on a few factors. However...i dont want that to be taken. I have kids to raise. That money if used wisely could help me out of this hole. Yet mediciad would make me use it on medical...keeping me in this hole longer or causeing me and my fam to be uninsured. Not sure what a pool trust is or how that pertains to colorado law but either way...the system puts me and people like me in a position where if we start to make enough to get an apartment...we can def not afford medical or food even. No wonder crime is so high. Anyway. If you know of any probono firms in Colorado i can talk to that would be great. Id say i would move to Florida because there is cheap homes but ive been there and my body cannot handle the heat and humidity. So im kinda frustrated. Well im beyond frustrated. Im down right trying not to be suicidal. If i tried to invest my money in a roth or even a 401k...or anything else that gains money...i lose medical and unless my adhd meds work and im able to rapidly ascend the ranks in the job market and triple my income...im not going to be able to climb out of this mess befor my kids are adults. We rent a few rooms of a basement house for the time being. I absolutley hate it when i hear people complain about those of us on mediciad or food stamps...especially when we have a disability that is not visible or considerd a true hindrance to becoming financially independant but here i am. Been working since i was 13. Never can get promoted. Always look stupid at work with my issues and work hard for promotions but never succeed. Im actually afraid to receive this money only to watch what my mother intended for me and my kids when she passed, to be taken by the government.
Good information. My brother is on Medicaid. Thus won an injury settlement money is not in his hands but that of the lawyers. He wants his check. Should he cancel Medicaid before depositing his check? Could he request for his check and not cash and wait for treatment to be over, cancel Medicaid, and cash it?
He’s considered me as his trustee. When opening a bank account under Medicaid conditions: how is the banked money disbursement work? He needs a car, house, other day to day necessities. Can I transfer money to his account? Do I give him a check? Could I have a debit card?
After receiving a personal injury settlement, one option is certainly to voluntarily give up medicaid. This makes sense if the medicaid recipient (your brother) can now well afford to privately pay for health insurance or LTC needs (if applicable) that are currently provided by Medicaid.
If the net proceeds from the injury case are not large enough, then it usually makes more sense to speak with a medicaid-planning lawyer to discuss legal and ethical ways to protect medicaid while also being able to utilize the settlement proceeds.
I hope this helps! Its worthwhile to speak with an elder law attorney who specializes in Medicaid to better understand the options available.
So if im getting 20k what should i do ? I am overweight and have health issues. I been out of work. Im on certain medicine that i need. What should i do? I cant afford to lose my medicaid, but i need that money to survive because i dont work.
Hi ricky, you have a number of options: you can always spend the money in the same month (i.e. pay off debt, trade in/purchase new car, buy what you may need or want -- make sure to report to Medicaid how money was spent). If you don't have any debts to pay off or purchases to be made, we'd have to discuss other medicaid-planning options in a consultation.
@@elderneedslaw Im low income medicaid im not 65 an older so i think its different for me am i correct ?
@@rderubeis there are different rules depending on which medicaid program you are referring to (they nearly all have a "low income" aspect).
@@elderneedslaw Im 34 yrs old, i dont kno whoch 1 im considered and which 1 i need to follow. i just dont wanna cash the checks than lose my insurance
@@rderubeis I hear you. If you live in Florida, you can go to your ACCESS account and download your benefits verification. Give me a call and we'll discuss (for free) for 10 minutes or so. If you are not in Florida, I'd suggest calling a local medicaid-planning attorney to review and help you come up with a plan so as not to jeopardize your benefits.
what about spending the money in the stock market?
Because the stocks/brokerage account is still in your name, it counts as an asset (e.g. if you buy $50,000 worth of Tesla stock, you still have a $50,000 asset to your name - which will increase and decrease in value).
Now, if you are under the age of 65 and want to keep Medicaid or SSI, there is a type of special needs trust that can be set up. Your trustee (not you) would be able to invest the same $50,000 in Tesla - or any other - stocks and have it not count against you because it would be owned by your special needs trust, not you individually.
Hope this makes sense and is helpful. If you need further clarification or want to discuss other ways of protecting an inheritance or injury settlement from Medicaid or SSI, please call to set up a consultation.
What if you are over 65, what are your options? Can I buy physical gold?
@@copywesley1481 - no, physical gold would be considered an asset. There are multiple options to protect medicaid after an injury settlement or inheritance, please call to set up time to speak and we can review in detail.
@@elderneedslaw What if you are over 65 and you received 5 grand due to an injury? Can your food stamps be taken away? What are a person's legal rights? You are the one injured, not the Food stamps department.
Hi Thanks for your information can I open a special need trust account in my son & daughter name & keep my compensation to keep my Medicaid. My son and daughter has to operate the account or I can also. Will Medicaid check how much money I have in a special need trust account. Thank you
If you are receiving the inheritance or personal injury settlement and want to protect your Medicaid the special needs trust has to be in your name (there is a special exception if your children are themselves disabled). There are other tools available (other than the special needs trust) that will allow your children to benefit. To discuss further, please call to set up a consultation.
@@elderneedslaw Thank you
My sister is in a nursing home in New York and is in Long Term Care. She doesn't have any money and is going to recieve an inheritance of around $10,000 in a couple months. The nursing home social worker is telling her that she can keep up to $16,000 in her account. Wouldn't this fall under income and put her over the income limits for the month?
Hello Paul - you would need to speak with an attorney in New York. We are a Florida elder care law firm. I am happy to refer you to a NY colleague.
What if i dont let medicaid know of the settlement? Will they find out and how?
Florida Medicaid (through DCF) has the right to conduct an audit, whenever they want, of your finances. Periodically, they can also ask for a re-certification.
You signed a Financial Information Release, which grants permission for "any bank, building association, employer, insurance company, government agency or any financial institution of any kind or character to disclose to any agent of the Department of Children and Families Medicaid full information related to..."
If they discover that you had excess resources, they will discontinue your benefits and ask for repayment of benefits that they paid during the periods of time in which you were technically ineligible for Medicaid due to excess resources.
Why chance it? Speak to an experienced Medicaid lawyer in your area to handle properly.
Hope this response helps.
@@elderneedslaw But what about the rights of USA citizens? Do we have rights?
@@bennygreene1421 Medicaid is welfare and tax payers don't like to pay for it unless it is needed
I cashed a settlement check for 18,000 (non personal injury) at the bank of the person who issued me the check. They asked for my ID, SS, where I worked before. I asked the teller why she had to input all that, she said there has been a lot of money laundering. Does medicare find out about this through the government?
If its a non-personal injury settlement, Medicare really wouldn't be concerned. Medicaid, on the other hand, would be.
@@elderneedslaw How does this work if you have to get a garnishment and get 200-300 every 2 weeks.Does this count toward medicaid and anyone to avoid losing your medicaid .
@@elderneedslaw what if it's a personal injury settlement ------neck injury?
Is this your money or not?
@@elderneedslaw I think any injury is personal.
What do you mean by non-personal?
@@bennygreene1421 if your body was injured (e.g. the result of a car accident, slip and fall or medical malpractice) that would all fall under the category of "personal injury". You may want to read more about how medicaid can be impacted by a personal injury setting here: www.elderneedslaw.com/blog/personal-injury-settlements-and-medicaid-eligibility
My dad is going to receive $6,500 for his personal injury due to an auto accident. Will he be able to use the money to purchase a used car right away without losing his Medicaid and SSI? (He has never owned a vehicle). Thank you in advance!
As long as he makes the purchase in the same calendar month in which he receives the $6,500, he should be fine. Remember to report the "change in circumstances" to both Medicaid and SSI: www.elderneedslaw.com/blog/change-in-circumstance
Elder Needs Law, PLLC - a medicaid planning and elder law firm Great to know. Thank you so much for your response!
Do Medicaid recipients have to payback all the money that was spent during their time on Medicaid? Lets say someone was on Medicaid for 5 years, later get's a job and gets off Medicaid. Do they have to pay it all back? Thanks for a reply.
Great question. Florida Medicaid's lien only begins at age 55 (so if on / off medicaid at an earlier age, there is nothing to payback ever). But for those over age 55, Medicaid requests money back only after they pass away. Florida Medicaid wont recover on assets that do not go through probate, so proper estate planning is essential.
I have a question, if i gwt a personal injury settlement for 250,00 and buy a house for that amount, because I really want a house , can I then still be on medicaid as I'll be broke again.
Yes. Purchasing a house is a valid way to spend down your money on an exempt asset that will still allow you to qualify for Florida Medicaid. However, make sure that you have enough income or other way of paying for the home's upkeep, maintenance, and taxes.
www.elderneedslaw.com/blog/florida-medicaid-spend-down-options
What if you never used Medicaid.
If you don't have Medicaid (or no longer want Medicaid, or any other needs-based government program), then you can accept your inheritance or injury settlement, and there will not be an issue!
I got part of an inheritance months ago. I've tried to contact Medicaid many times, but can't get through. When I did talk to someone, I explained I was still working on obtaining my late mother's stocks and it might take me up to a year to obtain them and split them up among the beneficiaries - the Medicaid person told me to just wait until I got it all figured out then call them back! (This advice conflicts with everything else that says notify Medicaid immediately.) Most of my inheritance went into an "Estate Account" and I'm still receiving Dr. bills for my deceased mother. So just wondering if that is taken into account (since I'm still receiving bills, the money I inherited still isn't mine) by Medicaid?
Essentially, the inheritance only counts against you when you have a right to it. Meaning, if you cannot access your late mother's stocks, Medicaid (in Florida at least), has no right to count it against you. Once you have control, then you have to either have a Medicaid-preservation plan in place (call us if you'd like to have one) or spend down and report to Medicaid. I hope this helps!
Will it affect a person food stamps to ? Or not
It may temporarily impact food stamps/EBT as well.
@@elderneedslaw
You were injured it is your money. If it affects your food stamps, then why ? What are your legal rights?
@@bennygreene1421 When you receive a personal injury settlement, yes, it is your money. You then have to look at all needs-based government benefits (e.g. SSI, Medicaid, Food Stamps, etc...) to determine whether you are on a program that has an asset test. If so, then those benefits are at risk without proper planning.
I mean checking with food stamps before depositing any settlement check I think is a good idea.
@@elderneedslaw Can it affect your food stamp benefits if you have any money like that designated to an emergency savings fund?
Will i lose my ssdi and medicare
Great question. Luckily the answer is no (assuming your personal injury attorney takes care of any Medicare lien and Medicare Set Aside). But Medicare and SSDI are not mean-tested programs (meaning you can have a million dollars in the bank and still receive SSDI and Medicare). Hope this helps!
Hi, my mother-in-law is 80 years old and she gets SS benefits and she has medicare and Medicaid. She is single and she owns a Mobile home in California. The mobile home is worth around $150,000 and is all paid off. If she sells it for $150,000. Does Medicaid can put a lien or can they go after the money after she sells it? or Can she put the money in a bank account and still receive Medicaid? or can she give the money to her son after she sells it? what is the best thing to do in this case?
Please contact an elder law attorney in your state. Our firm only gives advice to those in Florida. You can find an elder law attorney here: www.naela.org. Good luck to you!
Can't I just put the settlement money in a separate bank account?
Hi Lauren. Unfortunately, not (otherwise, everyone would do that!). Medicaid can conduct their own independent financial investigation to discover newly-acquired assets. Better to do it the right way so medicaid benefits are not jeopardized.
www.elderneedslaw.com/blog/personal-injury-settlements-and-medicaid-eligibility
How much do you charge for a constellation
$350.00 for a consultation with an associate attorney or $500.00 for a consultation with the managing partner. If you hire the firm to do any work, $350.00 becomes a credit toward any service we offer.
thank you for responding..
Im getting a million dollars in inheritance how do i spend that up??
We have so many different ways to protect that money (not all of it will be literally spent). If you are in Florida, I am happy to help (305-931-0478) - I work with people all over the state. If you are not in Florida please meet with a Medicaid lawyer who is licensed where you live.
@@elderneedslaw What if you live in Virginia or another state? Do you help anyone that's not a Florida resident?
As I understand there are 2 aspects of eligibility: income part and asset part. Why do you talk only about asset part, e.g. money being in my account, and say nothing about the income part? I know that personal injury settlement money may be nottaxable, doest it automatically solves income part problem? There is a limit of income to receive Medicaid, it's set monthly, why is it not a problem?
In this video we only discuss a sudden influx in assets, other videos discuss income. Thank you!
Oh I forgot to mention that I live in Florida, if that makes a difference.
Yes, our firm only works with those in Florida (or planning on moving to Florida).
Just the paid consultation can perhaps be all you need to do to protect your money?
To me the consultation shows you are Expressing your legal rights of protection and you have the option of a cash emergency fund giving your more protection?
I draw ssdi and i have medicare and medicaid. I have inherited 40000
Your SSDI and Medicare will not be impacted by the inheritance. However, your Medicaid absolutely will unless you spend it all down or engage in Medicaid Planning. If you are in Florida, please call the office to set up time to talk and I can explain how we can protect the 40K and your Medicaid.
Oh man i have a question that needs serious answers are u still here im super late to all this
If you need an immediate answer, please set up a consultation. If you want to submit a question for me to answer in a video that I eventually make, please feel free to submit here!
Hi,
My mother is 75 year old and she received supplement security income ssi, will supplement security income will affect with pain and suffering settle if she get paid? Please
Hi Sam - sometimes people confuse what they are actually getting from the SSA. If your mother is receiving benefits because of her low assets/income (i.e. not just social security retirement benefits), which usually also provides access to Medicaid - then yes, that could be impacted by a personal injury / pain and suffering settlement. If she wants to retain these benefits, she should speak to her personal injury lawyer to discuss. She might also consider consulting with a local elder care lawyer to discuss what options would help her preserve her benefits.
As the video discusses, if the settlement is small, she might just want to do a "spend down" (i.e. just purchase things she needs in the same month the excess resources are received) and notify DCF and SSA.
If the settlement is significant, she (and her personal injury lawyer) will want to discuss the matter with an experienced Medicaid lawyer.
Thank you very much for details
Just take your money in cash and hide it.
Wouldn’t advise this.
What is your email address?
Hi Sherrod - if you go to www.elderneedslaw.com and fill out one of the forms, one of our lawyers will get right back to you.
If you go to www.elderneedslaw.com you can leave a message in any of the forms and we'll reach out to you.
Can my son purchase a whole life policy with the lump sum? And pull out loans on the policy for my expenses? He will be the beneficiary and owner.