if I share joint checking account with my mom, can Medicare/Medicare get access to that in case of hospitalization/nursing home?

If your mom's name is on a checking account, I believe that Medicaid will consider the money part of her assets. There may be ways that you can prove the money is yours, but it's not a good idea to have her name on your account. You may want your name on her account if she can't handle money herself, but of course that is her money and therefore Medicaid will consider that an asset. Medicare isn't a problem as that isn't income dependent. I hope this helps,
Carol

In order to keep your assests from being used against her if she should ever need to qualify for medicaid is why you want them kept separate. You can and should probably be on her account but you want a separate account for you and your husband. Do not put her on your account or medicaid will count that money as being part her money and penalize her for it. She can only have a certain amount of assets to qualify for assistance. Hope this helps

As others said, anything that is in an account with her name on it will be considered her asset. The asset can be claimed if she incurs a debt, so you can lose your money. On the flip side of the coin, if a parent adds their child's name to the account, and the child goes into debt, anything in the account is considered the child's asset, so the parent could end up losing money. There are always risks. People have to figure out which risks they are willing to take to make things work.

I'm not sure but depending on how you file taxes may be something to look at. If maybe you can claim her as a dependant , or have any other tax right offs/deductions etc., i would think you would want seperate accts. also for the above answers to clearly show each ones assets good question for lawyer....

No!!! You need to be on your Mom's account but you and your husband need to keep your finances separate

jeanbean53, No! Don't give your mother rights to your personal checking account! That makes it her money, and while she isn't likely to cause you any problems over it (withdrawing the entire amount and running off to Vegas, for example, or giving out the account number to some "charity" over the phone), if she ever needs to qualify for a program based on her assets you do NOT want your assets to be considered hers. A separate account makes it easier to discuss her finances with someone else, such as a social worker or family member, should that need ever arise.

Set each account up for online banking. I'll bet I don't go into my own bank more than twice a year or so. I think that is a much better way to simplify the banking tasks than to co-mingle funds that can come back to haunt you.

Listen to Annibug for that is exactly about what Medicaid told us that, if her name is on any bank account, C.D's n etc that it was consider as assets. Have an account for you n your husband n a Separate account with your mom n your name on it. That way you can help her manage her money with her money n pay her bills.

jennhchapman, well said.

jeanbean53, I would NOT combine any account as an only account! If she has to go on Medicade down the road n if she is already on Medicade well, of course they r going to want to get their money back n that makes sense. However, if your money is in her account as well, they r going to count it as her n yours. If her name is on it, they will count it as an asset. Hope this help.

My 85 year old Mom lives with us. She is legally blind and has age-related problems with mobility. I do ALL her banking and am considering combining our checking accounts. Is it a good idea to open ONE account for her and my husband and I? What are other advantages, in addition to only having to deal with ONE bank/account? Thanks to anyone's advice!

Thanks so much, Jenn. Would you give me the reasons to keep our account separate from hers, please.

I have my name with my father's savings and checking account. But I consider it as His money. I use it to pay for his/mom's expenses. I haven't been keeping the receipts but I read several comments in the past few days the importance of keeping it.

I was told by a friend who also had her name with her elderly mom. When her mom suddenly died, the account was frozen until it was determined by the state what to do with it. She could not touch it to pay for any of the funeral expenses for several weeks until it was released by the state.