Will the Stimulus Check Impact My Medicaid Eligibility?
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for a direct payment of up to $1,200.00 to most taxpayers. As the IRS begins to send out these payments, many Medicaid recipients are wondering how the stimulus checks will affect their Medicaid eligibility.
The stimulus checks will be excluded as income and as an asset in the month of receipt and will continue to be excluded as an asset for 12 months following the date of receipt. This means that individuals receiving Medicaid benefits will be able to accept those payments without putting their benefits at risk.
Medicaid recipients are free to use the stimulus payments as they wish. Because the stimulus payment is excluded as an asset for 12 months from the date of receipt, it will not put the Medicaid recipient over the asset limit of $2,000.00. However, after the 12 months is over, any money remaining will be counted as an asset.
If you have specific questions regarding preserving your Medicaid eligibility, the experienced elder law attorneys of Bach, Jacobs & Byrne, P.A. are here to assist you. Call us at (941)906-1231 to set up a consultation.