Can I Save Money While On Medicaid

Practise Medicaid recipients need to "spend down" their stimulus money?

In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Human action authorized stimulus checks of upward to $1,200 to most Americans, including Medicaid recipients. In December 2020, checks of up to $600 were issued, followed by another $one,400, in February 2021. In Virginia, Medicaid recipients tin only take $2,000 in countable resources and remain eligible for Medicaid. There are too income limits for some people receiving Medicaid benefits. Thankfully, these stimulus checks are not considered income for Medicaid recipients, and the payments have likewise been excluded from Medicaid's resource limits for at to the lowest degree twelve months.

Although the one-year borderline for spending down the showtime stimulus cheque has passed, the Families First Coronavirus Response Act provides that Medicaid benefits that were in place as of March 18, 2020, cannot be terminated fifty-fifty if there is a modify in circumstances that would ordinarily result in Medicaid ineligibility. The police force states that the recipient's Medicaid coverage must continue through the end of the month in which the Secretary of Health and Man Services declares that the public wellness emergency has ended. The public health emergency has been renewed many times and is currently gear up to end on July twenty, 2021, but it volition likely be extended once again through the end of 2021.

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However, at some point in the futurity, the deadline to spend down stimulus coin will eventually elapse. Medicaid recipients should not delay in finding ways to spend downwards stimulus money that has caused their resources to exceed $2,000. Stimulus money tin can be spent down in a diverseness of ways, including paying off debt, making repairs to your home, updating personal items such as clothing and furniture, purchasing medical equipment, and paying for dentistry and eye care, which are non covered past Medicaid.

It is important to remember that Medicaid recipients generally cannot make gifts or uncompensated transfers. The stimulus funds should be spent on items that tin be used for the benefit of the Medicaid recipient and should not exist given away or transferred to anyone else.

If yous have questions about the best way to use your stimulus money while maintaining your public benefits, contact an experienced elder law attorney for guidance.

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Source: https://hooklawcenter.com/2021/05/03/do-medicaid-recipients-need-to-spend-down-their-stimulus-money/

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