This is a follow up question from what i asked before. My dad is on QMB Medicaid he can have about 7700 in assets. He has about 9500 in saving. Anyway some of that is his car insurance settlement he just got for his car and in April he got his 1400 stimulus check. It hasn't been a year yet so I'm I right in thinking 1400 hundred of that is not count as asset until April of this year. So, he only needs to spend down 400? If my math is right?
I read your other posts. I do not have experience with QMB but I would call Medicare and Medicaid and discuss and you will have a safer answer.
I also read where the stimulus is tax free but should be listed on the tax return. In other matters what is allowed on IRS is not automatically okay with Medicare/Medicaid and probably vice versa. This is two separate gov entities that you have to understand the requirements of.
Since this is very important for your dad, either see a certified elder attorney, tax expert and/or contact Medicare/Medicaid. You might even google on the official website for each.
Are you trying to spend down to have Dad placed in LTC with Medicaid paying for his care? If so, its not where he stands money wise when you apply, its where he stands when you have all the info needed to the caseworker. With me, I stared the application in April. At that time Mom had 20k in assets over her monthly income of SS and pension. Mom paid for May and June which gave me time to get all the info the caseworker needed. June I confirmed the caseworker had all the info needed. An updated statement showed that Mom was now spent down after paying 2 months privately. Medicaid paid July 1st. In my State you have 90 days to complete the application.
In that 90days, you have to spend down, get info needed and have a placement for that person. So lets say you start the application in Feb but it takes till April to complete it, it how your Dad stands asset wise in April they go by not Feb. So, that 1400 needs to be spent.
Unlike other spend down rules, that 1400 can be given as a gift, to a charity or on Dad. I would run this by Dads caseworker though. Have u prepaid his funeral? This is allowed.
"The stimulus checks are not considered income for Medicaid recipients, and the payments have been excluded from Medicaid's strict resource limits for 12 months. While the one-year deadline for spending down the first round of checks is here, another COVID-19 bill gives beneficiaries more time.May 10, 2021"
https://www.jdsupra.com/legalnews/medicaid-recipients-have-a-little-more-7013776/#:~:text=The%20stimulus%20checks%20are%20not,bill%20gives%20beneficiaries%20more%20time.