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I was wondering if anyone here has any idea what cutoffs are in place with state benefits (medicaid, foodstamps) and bank account balances?
How much can you have in your bank account(s) before you lose coverage?
I was forced in Medicaid this year 2015 because they claim I make less than $17,000/year so they assume poor... But what would they do if you have a high checking and/or savings account balances? What is the limit? Thanks...
edit: I also should have asked; will payments for my rent or other bills send red flags? Example depositing money and quickly sending it out. If someone is paying 2,500/month in manhattan will the state be all in my business as to where the money is coming from?
I was wondering if anyone here has any idea what cutoffs are in place with state benefits (medicaid, foodstamps) and bank account balances?
How much can you have in your bank account(s) before you lose coverage?
I was forced in Medicaid this year 2015 because they claim I make less than $17,000/year so they assume poor... But what would they do if you have a high checking and/or savings account balances? What is the limit? Thanks...
edit: I also should have asked; will payments for my rent or other bills send red flags? Example depositing money and quickly sending it out. If someone is paying 2,500/month in manhattan will the state be all in my business as to where the money is coming from?
You have to state that in the application about the money you have on your saving account. I don't know what's the limit, but if you provided these information on the application and they approved the application, then you are fine.
As far as I know, you have to disclose it when your renewal comes up, and do you need to tell them now? I don't know the answer, but I am assuming no because I never heard anyone told me that you are require to tell them once you have certain saving because that could be simply the temporary, or money that you borrow from someone to use for some kind of expensive purchase.
When its time to re-certify you might have to disclose funds in your account. They have a way of finding if you have bank accounts and money in them. I believe most programs do not allow a person more than two thousand dollars in savings or they will allow money for a burial fund. That is why some children withdraw their parent's money from the bank when applying for medicaid for their parents if they go into a nursing home. You have to be careful with having any savings while receiving any type of aid if you do not disclose it. I know a few folks who were sanctioned or brought up on charges for hiding funds or unreported income. I think with medicaid if you go over the limit, they make you pay something. My dad retired early and eight months before he was eligible for medicare he had a stroke. The hospital ended up getting medicaid to help with the bill. However because they said his assets were over the limit they put on medicaid spend down. If he used medicaid he would have to pay a portion of the bill.
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