Not Knowing What Countable Resources an Individual Has Prior to Applying is a Special Needs Planning Mistake. According to Oak Wealth Advisors, here is why…

When determining a special needs individual’s Medicaid and Supplemental Security Income, or SSI, benefits, the government considers ALL financial assets. An individual can only have 2,000 dollars in financial assets in addition to a car, personal belongings and self-employed business assets. It’s often surprising how many things individuals forget they own that can put them over the $2,000 limit.

For example, a joint account with a parent counts entirely as the individual’s asset. A savings bond that was gifted at birth, but long forgotten in a drawer or safe also counts. As a shock to many, a credit card counts as a financial asset. The credit limit on the card is what counts as an available asset, not the current or outstanding balance. It’s essential to carefully review ALL financial assets before applying for means tested benefits if you want to avoid a negative result.

Talk to Oak Wealth Advisors about your Special Needs Planning and learn more about this and other Special Needs recommendations and resources – visit:
https://oakwealth.com/special-needs-services-resources/