Gifting is ok. It’s a stimulus check, it’s not income and it’s not an asset for 12 months. SSI and medicaid go hand in hand, SSI has already said it won’t affect eligibility so the same can be said for Medicaid. Spend it in 12 months before it becomes an asset. It won’t affect Medicaid eligibility. And if the check didn’t put the person over the $2k asset limit, then yeah.....they can do whatever they want with that money. The $2k in assets that Medicaid allows can always be spent on anything or given away.
Yes but a lookback of assets may discover gifting and depending on your state may affect eligibility. You have renewals every 1-2 years. The lawyer that handles my MIL application cautioned about gifting.
Gifting is a great way to use these funds in the way they were intended. Read the articles posted by Glad. The stimulus check is NOT considered income by Medicaid, and NOT considered an asset for 12 months. If these funds are not spent they will become an asset. If a senior does not have immediate needs, gifting the funds to children or grandchildren who will spend them is exactly the intent of getting these funds back into the economy.
It is not considered income and not likely to be treated as an asset unless person has it after a year, like an income tax refund. Do whatever they want with the check. The money will find its way into the economy one way or another.
I assume you mean gifted in that would the person receiving it be liable for taxes if they receive it as a gift. The federal tax threshold for a gift is somewhere around $13,000; anything over is taxable. Not sure what your state has as a threshold (if any) but I can't imagine the stimulus check being enough to pass the threshold, unless it's being combined with other money.
https://www.medicaidplanningassistance.org/covid-19-stimulus-checks-impact/