Can someone direct me to a simple explanation of Medicaid guidelines regarding receiving a one-time monetary gift?(not at inheritance)? I know it affects SSI payments, but what about Medicaid? Will receiving a cash gift put it in jeopardy? Social Security and SSI are the only sources of income. Right now, it is regular Medicaid in WA state and not long-term care at this point. The monthly SS payment is $800, and the SSI is $163. Medicaid takes care of the Medicare expenses. I am concerned that the SS payments will be less, more will have to be paid out of pocket for medical expenses, and long-term end-of-life and health expenses will be jeopardized. Thank you.
Supplimental Income is different. Medicaid for health usually comes with it. People getting these usually don't have money to give away.
Medicaid for Longterm care has a 5 yr look back. There is no gifting allowed during that period. Not even the gifting that IRS allows. Its seen as money that could have been used for the persons care. It will cause a penalty period.
"Receiving a gift can affect Medicaid eligibility
medicaidplanningassistance.org
Medicaid has an asset limit, and even a small gift can push an applicant or recipient over the limit.
Gift-giving for occasions like graduations, holidays, birthdays, and weddings may lead to transfer penalties.
If you give away more than $500 to anyone in any given month, it may create a period of Medicaid ineligibility.
Even small transfers can affect eligibility, as Medicaid treats them as asset transfers." There is a whole ton of stuff on the internet regarding this question if you type it into your favorite search engine's bar.
Medicaid also has a good website, and I would suggest you visit the one involved in your own state because of the fact that Medicaid rules vary state to state.
SSI of course has a website.
I will say this however, your best guide to what will and will not affect these things if an attorney who MAY also be able to find ways to protect a one time gift; I have heard that this can be done by putting the cash into a trust.
Please explore this for yourself.
If you find out good answers your posting them here will help others.
Best of luck to you.