He is private pay until he uses up all his funds. I am estimating about 6 years. What will Medicaid require to see when the time comes to transition to Medicaid?
cmeshell, when my Dad needed to have caregivers and eventually move into senior living and it was all self-pay, any time I wrote a check from Dad's checking account I would make a copy of the invoice and the check together.... then placed into a 3-ring binder. I was also concerned how many years could Dad continue to live but then would need Medicaid. We never needed to use it.
Medicaid normally looks back 5 years at the bank statements/stock statements to see where Dad money was spent. If there would be any questions, I could also hand over the 3-ring binder so that checks can be verified.
Any time I had transferred funds from a money market over to checking to feed the checking account, I would make a note on the bank statement where that money went.
I also made sure I didn't co-mingle any of my money into Dad's accounts, as that would raise a lot of red flags.
With Medicaid every State has their own rules, but the norm seem to be a 5 year look back, I have also heard some States could ask for 7 years. Good grief, I only keep one year of my own bank statements, so hopefully I won't be hit by a bus and then use up my self-pay. If you do an on-line account, you can possibly get your Dad's bank statements going back a few years. I would gather those now, just in case the look back time frame changes down the road.
Medicaid normally looks back 5 years at the bank statements/stock statements to see where Dad money was spent. If there would be any questions, I could also hand over the 3-ring binder so that checks can be verified.
Any time I had transferred funds from a money market over to checking to feed the checking account, I would make a note on the bank statement where that money went.
I also made sure I didn't co-mingle any of my money into Dad's accounts, as that would raise a lot of red flags.
With Medicaid every State has their own rules, but the norm seem to be a 5 year look back, I have also heard some States could ask for 7 years. Good grief, I only keep one year of my own bank statements, so hopefully I won't be hit by a bus and then use up my self-pay. If you do an on-line account, you can possibly get your Dad's bank statements going back a few years. I would gather those now, just in case the look back time frame changes down the road.