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Im not sure where this needs to go.
My father has severe blood clots we found out a month ago, as he was laying in the hospital bed unable to breathe. So badly infact, had to have emergency surgical procedures to try and fix.

He was signed up for 2 months of medicaid and im trying to sign him up for further coverage and im trying to avoid any hitches.

I believe i have found one though. About 6 years ago, he set up 2 joint CDs for his mum, with his name on them incase she passed. Am i right in thinking that these will be considered assets?

The CDs dont mature for another 5 years though, and the place he got them through says that in order to change any info or just make him a POD (pass on death, right?) He has to take the penalty and redo the cds entirely.

But would doing that still affect his chances? He hasnt worked in over 8 years, because hes lived with his parents to take care of his 98 yr old grandmother who passed this January.

And he almost died less than 4 weeks ago and im stressed to the max trying to figure this out and feel like im sinking. Please, any help would be greatly appreciated. Theres only so much i can accomplish with him being grouchy and immobile along woth my autsitic son, so i feel like im drowning.

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The point is if he has access to the money Medicaid will count it as an asset. It is highly unlikely Medicaid eligibility workers can figure out who put the money into the account....and that doesn't matter anyhow if he can access it.
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Lily - so the 2 CDs, it’s that dad got the $ from his mother to go to the bank to open each cd BUT did them as co-owner CD so his name appears on them? Is that it? If so, them you are going to have to put on your best Nancy Drew and find out first to whose SS # the CD are under. You could contact bank to see how the CDs are titled and get a copy of the deposit agreement and renewal form if you are dpoa. Or if your not dpoa or bank won’t accept your dpoa then you go the irs route. They produce interest and each year someone should get a interest paid tax form (cause it’s taxabke income) from the bank which bank also send to irs.

So who got the interest paid irs form? Dad or his mom? Whomever did is the person who has their SS# attached to the CDs. If it’s his mom, their hers $ not his so not included onto his Medicaid asset info. But if form sent to him, then they are viewed as his asset.

If these are huge amount CDs, you might be able to get an elder law atty to do the background to establish that the $ was his moms and he was placed as a convienience to get it waived as his asset. Otherwise he’s viewed as owner of CDs and thier are an asset fir Medicaid and assets need to be spent down to 2k before he can be Medicaid eligible.

And yes doing anything before maturity to CDs will incur an penalty. They have a renewal window usually 60 days before they flip over to another same lock in period. Pls remember that CDs are reported to the penny, so if dad ends up cashing them out it looks susiect, they need to get deposited into his checking account in full. Don’t just cash them and spend some of the $ as it looks like “gifting” which is not allowed by Medicaid.
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On the medicaid page this is what i keep finding. Nithing about assets!

To be eligible for healthcare coverage through kynect, you:
Must live in Kentucky
Must be a U.S. citizen or national (or meet qualified alien status)
Cannot currently be in prison
Must provide proof of income
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BarbBrooklyn, i keep trying to find the information, but cant find anything about cds. Maybe im just googling wrong. As to how much, he wont tell me, says its not important.

Vegaslady, its not his money, it is his moms. He isnt gonna use it unless its still around when she passes away. And shes healthy
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Yes the CDs with his name on them are assets. Why not use the money?
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Bumping this up.

Lily; have you looked at the Medicaid website for your state? How much money are in the CDs?
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