My mom asked me to try and help save her $ in her checking account before Medicaid takes it. She’s in the hospital and said she’s ready to go, if I’m only the POD how do I help her protect it? She’s not physically able to walk into a bank to transfer the money out to me or even add me to her account.
Not sure what your goal is here, but if your mother needs Medicaid to pay for her long term care in a nursing home, they will do a 5 year look back to make sure she didn't 'transfer money' to a family member in an effort to deceive them.
Mom's $$ should be spent on her care now, while she needs it. Hospice care, if warranted, is 100% covered under Medicare.
Her savings should be used for her care, this ensures she gets to be at the best facility for her needs, otherwise, she will get the 1st Medicaid bed available. Right now, that is like playing Russian roulette with her life.
Why are you trying to protect her money?
Is Mom now on medicaid for health insurance? For in home care? If not on Medicaid, why does she feel they would be involved?
If she feels she is dying, hospice would be a choice. This can be done in-home with family doing most of the care. A nurse and aide will be provided 2 or 3x a week. If she does hospice in a facility, she pays for the facility. Medicare pays for the services.
Medicaid for Longterm care goes by monthly income to determine if the person can receive Medicaid. My state Social Security and any pension cannot go much over $2300 a month. Assets cannot be more than 2k. At this point Mom can not secure any of her assets. There is a 5 yr look back in many states. If she has a home, thats an exempt asset. If she has enough money she has to use it to pay for her care. Like said, she can prepay her funeral to spend assets down. Like said its fraud to hind funds.
FYI your mother's savings is to pay for her care now, not to stockpile it for someone's inheritance. This would be fraud.
Is she going on Hospice care after her hospitalization, or will she be going to a rehab center? (Both rehab and hospice are paid for by Medicare).
HAve you applied for Medicaid for her? Medicaid does not "take" her funds; she will be required to pay her share of costs if she enters a Nursing Home as a Long Term Care patient.
Medicaid is very much dependent upon the state she resides in. Most states allow a client to keep about $2k in funds and some portion, usually about $75-$150 per month as a personal needs allowance.
Her savings cannot be protected against medicaid. This would be fraud. Your Mom has to spend "down" to the amount dictated by your own state in order to qualify for medicaid.
Did you mean Medicare? Because they pay what they pay and your Mom, with her supplemental insurance if she has it, pays the rest.
You as the POD to her account are the one who gets what is left of her account when your Mom dies. If she is going on medicaid that means NOT MUCH. If your Mom has plans for a funeral you may want to prepay that now, to spend down.
The person who is listed as POD has no authority over an account while the holder of the account is alive. Can only get the account after death with a death certificiate.
Hope your Mom is getting better.