Question regarding the $2000 asset limit for Medicaid.
When you're on Medicaid and are spent down under the $2000 asset limit, if I have $500 in the bank and that’s all I have in total asset. Can I use the $500 to spend on anything I want? Or is there restrictions on what I can buy?
My Mom had $184 in the bank by the time I spent her down. I was allowed by Medicaid to close the acct. Yes, you can spend the $500. Just know if you go into care, a small amount of money from your SS is placed in a Personal needs account. This money is considered part of 2000 cap allowed. So make sure you spend it on you.
Yes, but don't gift it to anyone. Make sure there's a way to prove what you spent it on, just in case. To be sure you can call your local Medicaid office to confirm the answer. Even though Medicaid is a federal program, each state runs it themselves and the rules can vary.
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