So my dad is on QMB medicaid he can have a little over 7000 in savings. His car was totaled the insurance company gave him a few thousand for his car. His checking account is a little under the asset limit but when he gets his security check each month is will put him over the asset limit. I was thinking as long as he spends it every month it won't be considered savings am I correct? Thank you.
Medicaid knows the difference between SS and xtra money on the acct. I suggest opening up a savings acct and put the assets allowed in there. That way his SS acct shows the money coming in and going out each month. With my Mom, her SS just covered her living costs. Her assets were in CDs. She had a small $200 pension she used for her personal needs. I think by separating the two, it will be easier for you to keep track.
"The Qualified Medicare Beneficiary (QMB) program provides Medicare coverage of Part A and Part B premiums and cost sharing to low-income Medicare beneficiaries. . . . Federal law forbids Medicare providers and suppliers, including pharmacies, from billing people in the QMB program for Medicare cost sharing. Medicare beneficiaries enrolled in the QMB program have no legal obligation to pay Medicare Part A or Part B deductibles, coinsurance, or copays for any Medicare-covered items and services."
You can consult with a Medicaid Planner for your state, or an elder law/estate planning attorney for the most legally accurate answer. You don't even say what state your dad lives in,