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SSI/Medicaid Resource Caps. ABLE Accounts, Rep Payee Accounts - YouTube
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everybody Paul Yoakam Vitus and carry
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state planning back with another video
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is part of our 2020 challenge it's
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becoming a little bit of a theme that I
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do these on my walks each day now so
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might as well keep going with that today
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I wanted to talk about the resource caps
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for SSI and Medicaid and representative
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payee accounts and able accounts and how
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they interact and how they should be
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treated when it comes to accountability
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when it comes to management of cash and
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SSI checks and that sort of thing so
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generally speaking SSI and Medicaid are
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our sort of unified or joint programs
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Medicaid North Carolina relies on SSI
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eligibility a lot of the time there are
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independent basis for Medicaid
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eligibility but it's a lot more common
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for someone to be Medicaid eligible
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because of their SSI eligibility and so
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under both of those programs the
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resource cap ie
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the amount of countable assets that a
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person can have and still be eligible
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for those programs is capped at $2,000
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so a lot of times that's gonna be cash
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investments or other things that can be
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that are either over and above basic
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support like one home and one car or
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could be converted to cash quickly like
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investments and so the that rule
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generally applies most often to cash
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accounts and so the the question Rises
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okay if we have SSI coming in on a
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monthly basis and we're not using all of
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it what do we do and then how do we you
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know deposit those sorts of accounts or
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checks into an account when we're
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utilizing a representative payee if the
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you know the disabled person can't
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coordinate their own financial affairs
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so generally speaking if you're not
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using your SSI every month you know
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through expenses and you know your
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support and and maintenance and those
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are the things it can start to
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accumulate and the the cap applies to
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you normal bank accounts like checking's
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or savings it also applies the
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representative payee accounts so some
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parents provide more support than others
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and so the SSI amount doesn't get spent
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down on every every day so generally
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speaking because that resource gap
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applies to representative payee accounts
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it can often be advantageous to utilize
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an able account as sort of a spillover
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or a sweep account to make sure that if
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the representative payee account gets
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too high you can just transfer the
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balance into the able account and
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shelter it keeping the rep payee account
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below 2,000 so the interplay is
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generally that he would utilize those
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two types of accounts for different
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purposes you would want to you know
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deposit the SSI checks into the
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representative payee account so that the
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parent or other representative payee can
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utilize those funds for the support of
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the child but utilize the able only when
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necessary and that's because there's
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generally not a pay back recourse
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against representative payee accounts or
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traditional savings accounts like there
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are with able accounts and that's
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because just the nature of the way the
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accounts are set up so you generally
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want to minimize the amount of money
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that's going into able if at all
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possible and only use able only when
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absolutely need it so what that looks
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like is gonna be really unique for
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everybody because everybody's expenses
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and needs and SSI amounts are different
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so if you want to discuss those
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different nuances as they pertain to
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your family we'll be happy to get on the
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call with you this is Paul from Kerry
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state planning
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