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Also keep in mind, you cannot deny receiving a beneficiary amount-- or try to redirect it to someone else. If Medicaid discovers these maneuvers, they will conclude you're trying to escape paying for your needs on your own. Medicaid is very truly, only for those who have no other way to pay their medical needs. Any unexpected windfall like an inheritance or lottery winnings can disqualify you, and it should, because of Medicaid law.
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Yes. You may want to go to the Medicaid website and/or Google a Medicaid application form for your state. The questions indicate what Medicaid looks for to determine eligibility. They ask about assets, uncashed checks, insurance policies, etc.

https://benefits.ohio.gov/
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If you're on Medicaid, keep in mind that you're only allowed to own under $2, 000 in assets.
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Yes. If it is a large amount, the wife would no longer need Medicaid.
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Yes as Medicaid is for those who are at-need both financially and medically. Usually assets are limited to 2K.

Each state administers its Medicaid program uniquely, so you need to contact the caseworker once you know to the penny what the $ amount is and how your state deals with ineligibility. If the amount is smallish, it could well be that if you are able to do a total spend down of the funds within a mo (like it's 10/20K and they buy a preneed funeral & burial, new hearing aids, eyeglasses, dental work, etc) there will be no change in eligibility as you start the month poor and end it poor.

But if it's a large amount, you just need to follow whatever your states guideline is for increased assets. Could be a reinbursement for care paid (a clawback) or could be they become private pay from date of funds received till they get back to 2k and become medicaid eligible again.

I don't know how other states do this, but for my mom in TX, she had an annual recertification done in which she had to provide for the last 4 mos of bank statements, her awards letters from SS & retirements, insurance Infos, a listing of any payments to her or change of assets and you sign off under penalty that all is accurate. State essentially has to be told of any change of asset.

You know most couples traditionally have each other as their beneficiary, that needs to be changed if it looks like medicaid will be needed.
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I think Medicaid, if it's aware of an insurance payout, would at least review your situation if you are the surviving spouse and also receiving Medicaid.
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