There is a certain dollar amount that when posted in an applicants checking/savings, etc. has to be justified or explained. Does anyone know what that amount is? I live on Long Island in NY but outside the city limits.
I got my answer. Any individual amount posted in a checking, savings, investment account, etc that is over $1000.00 in NYC needs an explanation. On Long Island in Nassau County that amount goes up to $2000.00. I knew there were auto trigger dollar amounts. I know they can question anything but transactions in these amounts are an automatic query. Now I have research to do. Fun Fun ....
Since your question now makes sense, regular amounts may not be questioned and if they are, just be ready to explain what they are, But they pretty much look for something unusual. Lets say LOs statement shows a withdrawal of 5k. If that was given to someone for a car, then that will be questioned. But if to fix a roof, it won't be.
I was lucky, for a small fee my bank sends a copy of the checks along with the statement. This way Medicaid could actually see what each check was for.
I think they will also tend to look for trends in spending. If, let’s say, there is a payment of $400 every month for the last 2 years....then they will question that.
I don’t think it is just big single pay outs, but accumulated payouts to the same person or persons. That will need explaining,
I've always heard that it is the opposite of that. Regular transactions over years aren't question. Large irregular transactions are. Which makes sense since large recent transactions can be a sign that things are a foot to hide assets.
I think OP is asking what amount on a bank statement looks suspicious enough to be asked about. Is it $5, $50, $500 or $5000? Not what the spend down limit is.
I was lucky, for a small fee my bank sends a copy of the checks along with the statement. This way Medicaid could actually see what each check was for.
I don’t think it is just big single pay outs, but accumulated payouts to the same person or persons. That will need explaining,