LegalJourney Blog

Thursday, December 8, 2011

Joint Bank Accounts and Medicaid Eligibility

Like most governmental benefit programs, there are many myths surrounding Medicaid and eligibility for benefits. One of the most common myths is the belief that only 50% of the funds in a jointly-owned bank account will be considered an asset for the purposes of calculating Medicaid eligibility.


Medicaid is a needs-based program that is administered by the state.  Therefore, many of its eligibility requirements and procedures vary across state lines.  Generally, when an applicant is an owner of a joint bank account the full amount in the account is presumed to belong to the applicant. Regardless of how many other names are listed on the account, 100% of the account balance is typically included when calculating the applicant’s eligibility for Medicaid benefits.
    
Why would the state do this? Often, these jointly held bank accounts consist solely of funds contributed by the Medicaid applicant, with the second person added to the account for administrative or convenience purposes, such as writing checks or discussing matters with bank representatives. If a joint owner can document that both parties have contributed funds and the account is truly a “joint” account, the state may value the account differently. Absent clear and convincing evidence, however, the full balance of the joint bank account will be deemed to belong to the applicant.
 

 

 


Archived Posts

2017
2016
December
November
October
September
August
July
June
May
April
March
February
January
2015
2014
December
September
August
July
June
May
April
March
February
January
2013
December
November
October
August
July
May
April
March
February
January
2012
December
November
October
September
August
July
June
May
March
January
2011


Attorney Karnardo Garnett represents clients with their Estate Planning, Elder Law and Asset Protection needs throughout the Tampa Bay Area, serving all of the bay area, including but not limited to Tampa, Brandon, Clearwater, St. Petersburg, Gibsonton, Riverview, Oldsmar, Safety Harbor, Hillsborough County, and Pinellas County, FL



© 2019 LegalJourney Law Firm PLLC | Disclaimer
2002 W. Cleveland St, Tampa , FL 33606
| Phone: 813.344.5769 | 888.954.5769

Estate Planning | Estate Planning - Spanish | Elder Law/Medicaid Planning | Elder Law/Medicaid Planning - Spanish | Planning for Children | Planning for Children - Spanish | Probate / Estate Administration | Probate / Estate Administration - Spanish | Estate Litigation | Estate Litigation - Spanish | Guardianships | Special Needs Planning | Estate Tax Planning | Asset Protection

Attorney Website Design by
Amicus Creative


© LegalJourney Law Firm | Disclaimer | Attorney Website Design by Zola
2002 W. Cleveland St, Tampa, FL 33606 | Phone: 813.344.5769