She has no property, and a joint bank account with me that is only used for her expenses and income from social security and an annuity. She right now has too much money to qualify for Medicaid. Recent hospitalizations and decline in cognitive functions are making it more difficult to care for her at home and we will be looking at assisted living options soon. So she will be using her funds to pay for this and eventually need and qualify for Medicaid. It seem that Medicaid is always looking for reimbursement and would they eventually look to us and our income since we claimed her as dependent on our taxes?
sorry this forum does not allow for editing like Facebook does
We need to do a better job of spotting these young children and young people who have parents with such a sick outlook as well as sick personalities and save them if we can. We also need to do a better job of raising young adults with healthy self esteem and self-discipline who will save and invest toward their own retirement.
We still have too many parents and grandparents whose view of children is that you have them in order to have someone take care of you in old age. No we have children as an expression of the love that brings a husband and wife together. And the mystery of the creation of another human life weather we realize or not means that parents are co-creaters with God of another person whom we are given to raise and be good stewards of in or that they might mature and fly from the nest in due season for they are created in the image of God just like all humans are. Somehow, we have forgotten the dignity of human life that is give to us by our creator. That is my sermon for today!
Sorry, off topic. Just venting.
The reason is because the account was opened with me as the primary account holder, but with mother's name on the account so her SS check could be direct deposited. This was about 15 years ago. It was not preplanned but since I worked for the bank at the time, and because I was facilitating opening the account, it just turned out that way.
I was very surprised to find there would be no required disclosure as well but I'm taking these representatives at their word and am assuming they know the requirements well enough to be able to advise me regarding disclosure. In both cases the account information was discussed with the representatives.
I only use the account when I need to make a deposit and then electronically transfer those funds to my other account because of the convenience of a branch, otherwise all the transactions relate to mother and her expenses. However, over the years a sizable balance has accumulated since she doesn't have to pay any living expenses, only her personal care expenses. I'm prepared to turn those funds over to "pay-down" a nursing home should I find out that I've been ill advised if necessary. Right now it is not an issue since she still lives with us.
Since mother has lived with us and has been a dependent for so many years, long before she began receiving SS, it is a slightly different scenario than when a parent has had their own residence and financial accounts neither of which she has had in her lifetime.
Our situation may be unique.
With regard to tax exemptions, I don't believe Medicaid can penalize the caregiver for taking an tax exemption for taking care of a dependent. Based on what I've been told, Medicaid is interested in the assets of the recipient, i.e., the parent or disabled spouse, child, etc.
Like you, my Mom has no assets. There is a joint account in which her SS is deposited, but I'm the primary account holder and I've been told that I should not report that as my Mom's asset especially since the account is used from time to time to transfer my funds to and from another of my accounts.
Also, a couple of points to be aware of 1) Medicaid for the elderly is actually Federally funded and regulated under SS with some state funding and regulation; 2) Medicaid funding and regulation for "Personal Care" homes and for "Skilled Nursing Facilities" fall under different programs. The first is geared toward living assistance whereas the second is geared toward skilled nursing care.
Hope this helps.