My partner and I (we're not married) have a joint bank account. My partner is employed and makes all deposits to the account. I have no income of my own. Does having this joint account make me ineligible for Medicaid benefits?
Thanks for the reply, Amy. I am treating this as wanting to protect your position with Medicaid if the relationship broke up, in which case the best option for you is to close the existing account and open two new accounts, one in each name. I would suggest that you get a regular payment organised from your partner’s account to yours, so that it isn’t a fresh decision every pay day. If there is any major expense that can’t be met from the regular amount, then your partner can make a special transfer. Then your assets will be what you really own yourself – ie next to nothing. At 64 this is not a great place to be, and you have my sympathies.
I doubt if just changing the names on the account would work without being challenged. If you and your partner want a different way to do your banking, close that account and open two new accounts, one in each name. Your partner banks his pay in his account, and then transfers a regular amount into your account so that you can have your own check book, credit card etc, linked only to your account. It also might possibly work if only partner opens a new account in his name, but you have a credit card linked to it.
The underlying issue is about what you are trying to achieve. Eligibility for Medicaid for you, while partner keeps all the money? And would this be to get as much as possible from the government (not exactly noble), or would it be to protect you if your relationship broke up and you desperately needed Medicaid? Alternatively, are you looking to keep your assets joint, for your own future financial needs? If you are concerned about your own financial future, it would probably be a good idea to look at that before deciding banking details.
Thanks for your answer. What I'm trying to achieve is health insurance. My partner's employer does not provide insurance for the unmarried partners of their employees, so as of now I have absolutely no insurance and no income of my own. My partner's money is not mine, and if something were to happen to him, I'd be left without any coverage or income. I have consulted a Medicare expert, who suggested I see if I'm eligible for Medicaid as well, because the application process and benefits are different, and I need to know what I'm doing before I apply for Medicare and choose a provider.
Thank you for that straightforward answer! And what if I were to remove my name from the account? Would my eligibility for Medicaid benefits be subject to a look-back period in that case, since I'm not giving anything to anybody?
It depends on what type of Medicaid you are talking about, if the type that pays for long term care after you have qualified for Medicare then yes it would be looked at as an asset of yours because you have access to those funds, I don't think they care how the money get's in there but they would probably look at it as a joint asset so not all applied to your assets (I think). However if you are talking about Medicaid health Care coverage, depending on the state probably they mainly look at your income for that I think.
The underlying issue is about what you are trying to achieve. Eligibility for Medicaid for you, while partner keeps all the money? And would this be to get as much as possible from the government (not exactly noble), or would it be to protect you if your relationship broke up and you desperately needed Medicaid? Alternatively, are you looking to keep your assets joint, for your own future financial needs? If you are concerned about your own financial future, it would probably be a good idea to look at that before deciding banking details.
I have consulted a Medicare expert, who suggested I see if I'm eligible for Medicaid as well, because the application process and benefits are different, and I need to know what I'm doing before I apply for Medicare and choose a provider.
And what if I were to remove my name from the account? Would my eligibility for Medicaid benefits be subject to a look-back period in that case, since I'm not giving anything to anybody?