Question
My mother received a large money settlement in one lump sum and is on disablilty, medicare, and medicaid. She was wondering if she will lose these if she holds on to the money.
Answer
Hi Tracy
The Medicaid regulations are different in each State. Because of that I am referring you to the SHIP program for your State. The number is in the center on the back cover of MEDICARE AND YOU 2010, which she should have just received. They are Medicare trained counseling specialists. Call them and speak to a counselor. They will know the regulations for your State.
Usually the money will be considered income for the month received, and what is left at the end of the month will become assets beginning the next month. This will mean she will probably loose Medicaid until her assets are again low enough to qualify. Have the counselor explain about LIS, since that will continue for awhile.
John
