My partner & I have been together 22 years and my name is on his checking account so I can pay his bills, etc. He has a substantial amount in the account and with his health declining as it is, will there be a problem with this account? Should I move some of it to a savings account in my name? Our home is in my name only. I have a car in my name only. He does have a car but other than that all he has in his name is the joint checking account. Any advice will be greatly appreciated. Thank you.
My question is why are your worried about Medicare? They are a health insurance. Do you mean Medicaid? If so, then yes, if your partner needs care in a Nursing home, he will need to spend down his checking account to pay for his care before he can apply for Medicaid. They don't "take" his money, he just needs to use his assets first to pay for his care. He has to literally have nothing to get Medicaid. You putting his money in a bank account in your name is hiding money from Medicaid. The look back for Medicaid in most States is 5 yrs. Your partner has to submit 5 yrs of bank statements when he applies for Medicaid. They will question a large amount of money being withdrawn.
Here’s the issue with doing anything at this point in time that does changes to his financials:
- Medicare and health insurance pays for hospitalization and to a certain extent care or rehab needed to deal with post hospitalization discharge issues with limited time frame. Neither pay for long term custodial care. LTC is Medicaid or private pay or LTC insurance.
- Should his care needs get to the point that he cannot realistically stay in the home in your name anymore, OR you need help day to day in your home to deal with him, so he needs to be in a facility or need in-home caregivers, before a program like Medicaid will have him eligible, he will have to private pay for this first & foremost.
- Only should be become impoverished at 2k or 3k in nonexempt assets & “at need” both medically and financially will LTC Medicaid ever pay for his care in a facility.
And
- once in a facility he will be required to do a copay of basically almost all his mo income to the NH
- for inhome care, Medicaid will still have financial requirements but not quite as draconian & $ amt on income / assets vary by State. Inhome aka IHHS, tends to require a copay but not his total mo income.
and
Medicaid will require years (usually 5) of his financials info, like bank statements, brokerage acct statements, all info on real property.
so……
His / your moving $ from that bank acct over to you will surface & cause all sorts of issues for Medicaid, should he ever need to apply for it.
In addition if y’all aren’t married but have been commingling income / assets that will have to be segregated, otherwise Medicaid can look at all the $ as “his”. Are you in a community property state?….that will make a difference as to how that house is viewed. If y’all presented yourself as a couple, if Medicaid wanted to go all hardball, he would be considered by them as a “punitive” spouse.
Please please please you need to go beyond the idea of just moving the $ to you, but find an elder law atty who has experience with Medicaid and with unmarried but partners estate division. Time is important as you cannot put this off. If y’all r same sex, contact Lambda Legal Defense to find an atty in your area.
Really any $ & property moves will surface & be a issue. Get legal advise on this before you do this. Good luck.