Posted on: May 10, 2017
Go Fund Me is a crowdfunding site that allows individuals to create campaigns to raise money. Individuals raise money for various things, such as tuition, travel, business ventures, or even for health care costs. Proceeds from a Go Fund Me campaign may affect your Medicaid Eligibility.
Medicaid is a state and federally funded medical assistance program that pays for medical and long term care services. In Washington State, Medicaid is called Apple Health. To be eligible, you must have income and assets below specified standards. You can view the Washington Apple Health Income and Resource Standards here.
Funds from a Go Fund Me Account may push an otherwise eligible recipient’s income or assets above the eligibility threshold.
Are The Funds A Countable Resource?
If you set up a Go Fund Me or other crowdfunding campaign for yourself, and you have access to those funds, then it is likely that those funds will be considered a countable resource in determining Medicaid eligibility or continued eligibility.
Alternatively, if someone else sets up a campaign on your behalf, then you do not have direct access to the funds. In such cases, those funds may or may not be considered a countable resource when determining Medicaid eligibility or continued eligibility.
An Alternative to Go Fund Me
A Go Fund Me account may jeopardize your Medicaid eligibility. Instead it may be advisable to set up a Supplemental Needs Trust. Assets held in this type of trust are not considered to be assets owned by the beneficiary of the trust, and therefore are not considered when determining Medicaid eligibility.
Elder Law Group PLLC can help you set up a Supplemental Needs Trust. We will help you utilize the best estate planning options for you and your loved ones in Spokane, the Tri-Cities, and the surrounding communities. Our firm offers legal services and guidance in the following areas:
- Asset Protection Estate Planning™
- Wills & Asset Protection Supplemental Needs Trusts
- Durable Powers of Attorney for Financial and Health Care
- Health Care Directives
- Medicaid Asset Preservation Strategies™
- Long-Term Care Planning
- Probate & Trust Administration
- Other Elder Law Issues
Contact us or call (509) 468-0551 (Spokane office), or (509) 579-0206 (Tri-Cities office), for guidance on Asset Protection Estate Planning TM, Long-Term Care planning, or other legal needs of seniors, the disabled, or vulnerable adults and their families.