What should I do with my mother's Social Security deposits if her nursing home is 100% covered by Medicaid?
My mother is 81 and in a VA nursing home with Alzheimer's. My father passed away last year. Mother's nursing home costs are paid 100% by Medicaid. Mother is still receiving a small Social Security direct deposit to her checking account. She still has a few minor expenses but the balance of her account is increasing each month. I have financial POA. What should I do with this money? Do I just let it accumulate? Should I invest it for her? Will Medicaid attach this money after her death? I want to handle this in the most advantageous manner but do not know what is allowed. Thank you.
In order to maintain her eligibility for Medicaid, her countable assets , such as a bank account, may not exceed $2,000. She is allowed to prepay a funeral. You could use her excess funds for this purpose. You can also purchase clothing, a radio, a television or other items of pesonal property for her. If your durable power of attorney provides for it, you can also be paid a reasonable amount for acting as her agent.
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