The account is his savings for my younger sister 24 years old college plan. He also gave me $10,000 last year to pay for my tuition, which was charged on his credit card from my school. Will this affect his application?
Not sure how Medicaid will look at it when its for his children's college.
Your Dad can't be too old if sister is 24. Is he applying for LTC in a NH facility or Health insurance? If health insurance the rules are different than LTC. If Dad has 20k in the bank, he can afford insurance til, that is spent down.
LTC you need to spend down to 2K or lower. That 20k would private pay maybe 2 months of care then Medicaid can take over. Medicaid only gives you 60/90 days to spend down and find a facility.
We have Medicaid “experts” here, but since one has not yet answered, here I go. He can not set that money aside for tuition or anything else that is NOT for him. It has to be spent on his care, his car, his house, prepaying a funeral, or the like, per the elder attorney we consulted with. If he has a whole life insurance policy, the cash value will even count as an asset so Medicaid surely does not care that your father wants to pay for tuition. My mom bought my niece a car three years ago, and we’re gonna be in trouble with Medicaid when we apply in 2019 because they look back 5 years.
Your Dad can't be too old if sister is 24. Is he applying for LTC in a NH facility or Health insurance? If health insurance the rules are different than LTC. If Dad has 20k in the bank, he can afford insurance til, that is spent down.
LTC you need to spend down to 2K or lower. That 20k would private pay maybe 2 months of care then Medicaid can take over. Medicaid only gives you 60/90 days to spend down and find a facility.
Best thing is to run this by Medicaid.