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My question regards the consequences of a one-day

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Second opinion] My question regards...
Second opinion] My question regards ***** ***** of a one-day �violation� of the Medicaid $2,000 financial asset limit that occurred on December 1. The overage in this case was $16.70. By December 2 the financial assets were again below $2,000. My question is what are the potential consequences of being over $2,000 on the first of a month?The following is a more detail background to the situation. I am the father of a developmentally disabled adult son. He has been considered disabled since the he was age seven. My son receives Social Security Income, and is on also on Medicaid. My son and I reside in New Jersey. He lives in a group home that is �authorized� by the New Jersey Department of Human Services. His Social Security Income is based on his deceased mother�s work history, and is actually slightly in excess of what Medicaid usually allows for a Medicaid recipient�s income. However, he was still able to qualify for Medicaid under the New Jersey Community Care Waiver (CCW). While he has an income-level exception under the CCW, he must still adhere to the Medicaid $2,000 financial asset limit. Generally, this is not a problem to maintain since 75% of his Social Security Income must be paid to the State of New Jersey as a �contribution to care� assessment.Due to confluence of events in late November and early December, his bank balance exceeded $2,000 ($2016.70) on December 1, and then dipped again below $2,000 on December 2. The reasons for this overage are:1. The State of New Jersey was late in cashing his Contribution to Care check for November. Per my son�s bank bill-pay service, the State received the check on November 8, but failed to cash it until December 1. The New Jersey Department of Human Services told me there were late in cashing it due to �systems problems� and the �long Thanksgiving holiday�. It was finally cashed on December 1.2. His Social Security deposit, which usually is credited to his bank account on the second or third of each month, inexplicitly arrived on December 1 instead of one or two days later.3. While I usually try to �spend down� a little extra for my son to avoid any such potential problems, I was hospitalized from November 19 to November 22, and then was recuperating at home. I �wasn�t myself� for a few days following the hospitalization, and didn�t stay on top of matters. Furthermore, while my oldest daughter is usually my backup for such matters, she just gave birth and was unable to help me out with overseeing my son�s financial matters.Again, I�m asking about the potential consequences of this one day overage on the $2,000 limit that occurred on the first day of the month in the event that New Jersey Medicaid does an �audit� that looks at the December 1 balance. Does the brief amount of time, the minor amount of money involved, and circumstances of the event make it basically inconsequential, or are there potentially greater consequences for this lapse of the rules?
Submitted: 4 months ago.Category: Social Security
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Answered in 21 hours by:
12/4/2017
Social Security Expert: keeperumiami, Senior Tax Expert & Financial Planner replied 4 months ago
keeperumiami
keeperumiami, Senior Tax Expert & Financial Planner
Category: Social Security
Satisfied Customers: 7,407
Experience: Sr Tax Expert/Financial PlannerCPA/PFS (retired)Over forty years of advising individuals & small businesses
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Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

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Social Security Expert: keeperumiami, Senior Tax Expert & Financial Planner replied 4 months ago

The answers you were given by the previous two experts (attorneys) are accurate.

The potential problem you are having is actually not a problem at all. No matter when any audit chooses to investigate a bank balance of a checking account, outstanding checks must be considered. Any time you write & release a check, you have created a legal obligation against that bank account, so in order to evaluate the amount of a checking account balance, outstanding checks must be considered.

The fixed $2,000. amount is often applied to savings accounts or other time deposits, rather than checking accounts which tend to vary all over the place. There is no specific Medicaid regulation describing this procedure with respect to checking accounts, but any auditor or accountant tasked with such a review or audit would follow this procedure in accordance with generally accepted auditing standards.

Hope this helps to assure you that in the situation you describe, there is no violation of the $2,000. limit.

Please remember to rate my response as that is the only way that I will receive credit from the site for assisting you today.

Thanks very much,

Steve G.

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Social Security Expert: keeperumiami, Senior Tax Expert & Financial Planner replied 4 months ago

Just following up:

Do you have any follow-up questions?

If not, please remember to rate my response as that's the only way the site will credit me for assisting you.

Thanks very much,

Steve G.

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keeperumiami
keeperumiami, Senior Tax Expert & Financial Planner
Category: Social Security
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