My 76-yr-old father gets very little in Social Security and VA disability each month but he also doesn't pay for anything, any bills, currently, and over past several years he's accrued around $8k in his checking account. He previously qualified for and currently receives Medicaid, and that program is covering all of his substantial medical bills at this time. I don't want to do anything to jeopardize his eligibility and I know there is a cap on cash assets of $1,500 maximum. I asked an elder attorney about what to do with the overage and he gave me a short list: burial plan (which my father already has) or automobile (my father doesn't drive).
I am confused about whether or not my father *must* spend the money. He's already qualified and been approved for Medicaid. Is there a chance they will investigate him at any time and ask for his financial records? He wasn't using his Medicaid for many years but is now using it often the past year and it's so important that he keep those benefits, of course.
I suppose I could open a separate account exclusively to "hold" his extra money, but is that a legal and/or recommendable way to handle things, to put the money under someone else's name?
Please advise, thank you!