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John Elder
John Elder, Estate & Elder Law
Category: Estate Law
Satisfied Customers: 4631
Experience:  Over 14 years experience in Medicaid, Estates, Trust.
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If you are presently recieving $945.00 for SSDI and you recieve

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If you are presently recieving $945.00 for SSDI and you recieve an inheritance check for $7,128.00(one time lump sum) how will this affect your present Medicare and Medicaid .I have already reported this to Childrens Health and Family Svcs.Will this reduce your present coverages?

Welcome! Thank you for your question.

 

If you are receiving MedicAID (not just MedicAIRE) then you must keep your countable liquid assets to under $2,000. The $7,128 will cause you to be over that $2,000 threshold and you will loose the Medicaid benefits. If you are receiving just Medicare then it will not effect your benefits at all.

 

John

John Elder and 7 other Estate Law Specialists are ready to help you
Customer: replied 3 years ago.

I know this may not sound on the up and up,but what if I were to give away $5,128.00 to someone then what.Would this put me at risk with the legal system?

If you renounce your inheritance or give some away that is a transfer of assets that makes you ineligible for Medicaid for a few months. You are required by law to report the money and the gift if you make a gift. You can spend the money on personal property like a car, furniture, clothes or electronics. You can also spend the money on house repairs if you own the home. You have to spend the money down to less than $2,000 within the same month of receipt.

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