Concerned about how the COVID-19 stimulus checks could impact your or a loved one's Medicaid eligibility? We've had several clients reach out to us who are concerned about the $2,000 asset limit.
The Stimulus Check and Income
We asked one of our state contacts directly, and are delighted to learn that the stimulus check does not count as income! However, there are some caveats. We read over the information on the American Council on Aging's Medicaid Assistance webpage, and below is a quick breakdown (Click here to head over to their page to get the full details).
- Nursing Home Residents - no impact if the funds must be spent within a year of receiving it.
- Spouses of Nursing Home Residents - no impact, and funds are their own with no spending timeline.
- Medicaid Waiver (Home and Community Based Services), and Aged, Blind and Disabled - no impact if funds are spent within a year of receiving them; however, what the funds are spent on is important. A person should not use the money to purchase a "countable asset", like a stock or bond. The money should instead be used for home improvements or mortgage/rent payments.
- Medicaid Applicants - same rules as #3 above, with further consideration to not gift the money, as the application process has a five-year look-back period.
There is a lot of information out there right now that can be misleading. We recommend going straight to the source of reliable information instead of looking to opinion pieces or social media.
If you need help navigating Medicaid planning, our team of elder law attorneys has extensive experience in helping clients through the process. Contact us for a free, no-obligation consultation to see if we can help you. Take care of yourself and each other.