How Do Funds in a Joint Bank Account Count Towards Medi-Cal Eligibility?
Medi-Cal eligibility can be a complicated issue with many myths and confusing facts surrounding the topic. One of the biggest areas of confusion is joint bank accounts and how they impact a person’s Medi-Cal eligibility. Many people believe that only 50% of the funds in a joint bank account are considered as assets for the person applying for the program.
However, that statement is simply not true. While Medi-Cal eligibility requirements do vary from state to state, generally when an applicant owns a joint account, the state takes 100% percent of the money into consideration when determining eligibility. Even if a joint account has multiple names listed, that money will still be counted toward eligibility.
Why does the state count assets in such a way? Many times a second person is added to a joint account for administrative purposes or for the sake of convenience and never contributes any funds to the account. Adding another person allows them to write checks, discuss matters the bank, and withdraw money. The only way to get the state to value the account differently is if the owner can provide documentation that both parties contributed funds into the jointly held account.
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