How Much Money Should Be Set Aside for the Personal Needs of a Beneficiary Who Is In An Institution or Nursing Home?
You should set aside a minimum of $30 each month to be used for the beneficiary’s personal needs or saved on his/her behalf. If a beneficiary’s Federal SSI benefit is $30 because Medicaid pays more than 50% of the cost of care in the institution, the $30 must be used for the beneficiary’s personal needs. Note that some States supplement the $30 SSI benefit.
Related Questions
- What happens if there is leftover money in the 529 Plan after the original beneficiarys educational needs have been met?
- How Much Money Should Be Set Aside for the Personal Needs of a Beneficiary Who Is In An Institution or Nursing Home?
- Wouldn t I be better off putting money aside now to pay for my long-term care needs?
