How does having a joint bank account with my elderly parent affect their Medicaid eligibility?

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From what I've been reading......Medicaid considers any money in a joint bank account.......considers it an asset.......money to be used to help pay for the nursing home. What happens if 90% of the money in this joint account was put in there by an adult child of the elderly person. The money was not put into the account by the elderly person.....but yet Medicaid wants that money to be claimed? Comments please.

Answers 1 to 10 of 14
It is my understanding that the money in a joint account would be considered evenly in say closing it. If you and mom or dad have 100,000, then they get 50,000 and so do you. It is not how much each of you put in originally, that is not an issue, it is considered joint ownership and divided in half if there are two or between however many are on the account.
I Agree with Madeaa..You should only deposit SS in their acct...
Top Answer
As long as you can show a 'money trail,' that is that you are the one who deposited the majority of funds into the account, you won't have a problem. Keep records of everything you do in this situation. Again, it's all about the money trail for them, which is why book keeping remains vital for Medicaid approval.
I still believe it does not matter how much either deposited. One person on a joint account can spend the entire amount in the account without the other person's approval. It is joint, considered to be owned by both equally.
I googled your question and found that the answer is right on this site. https://www.agingcare.com/Questions/Elder-eligibility-for-Medicaid-146889.htm
Thanks to Dunwoody you are correct, and I learned something new which is great, I did not take into consideration the Medicaid eligibility aspect and just thought about how a joint account is handled regularly.
Since you've already informed Medicaid that the bulk of that $ is yours, now you'll have to prove it. Go to your banker and ask if they can provide you with records of transactions (e.g., direct deposit, slips signed by you, etc.) to complement the ones you already have. While there, open a bank account in your name and transfer what's yours. Or you can close the account and open 2 new ones. But let Medicaid know. The last thing you want is to be accused of hiding assets. That will definitely delay or deprive your Mom of medical services when she really needs them.
If the account is listed as "joint tenant" type, both signers own the full amount of the balance, so Medicaid may want ALL of it, and if you live in a state where children are held responsible for nursing home expenses, Medicaid may also go after other assets you have.
Hey Medicaid.....you can shove it.....you ain't getting my money!
Here is the Medicaid 'con'......they consider ALL of the money in a joint account to be .....owned by the Medicaid applicant......no....wait Medicaid......it's a joint account......these crooks don't care.......they hace 'the power' and they make the crooked rules.....hey Medicaid......shove it where the 'sun don't shine'!

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