Joint Bank Accts/Assets

[kate]

I am helping my dad fill out his application for Aid and Attendance (assisted living).  I am confused as to how VA looks at Joint Bank Accts.  My dad has had an account with me  (a joint account) for close to 20 years.  How should that account be listed.   Should we just list 50% as an asset?

One other question regarding prescriptions:  Are they listed as a deduction for monthly expenses and will the VA pick up the charge for prescriptions in the future (or perhaps even now)?  My dad is a WWII Vet, honorably discharged.

Thank you so much for any info you can give me.  This site has helped me so much. 

[veteranadvocate]

Kate,

     How is the name on the account listed?  Does it have 'and' between the two names?  If so, you can list 50% for his asset.  I am pretty sure that if it has 'or' between the names then he will have to list the full amount.  Keep in mind that the VA has no 'look-back clause'.  They will only look at and consider assets from the day of the application and for the next 12 months. 

     The VA can consider future medical expenses if they are reoccurring expenses for same medication and/or medical insurance etc.  They will prorate his is income and expenses.

     Hope this info will be of help to you.

[kate]

Thanks so much for the prompt reply.  The bank account lists "or" and also states payable to either or survivor.  I'll see what I can do with the way it is worded with the bank.  Its really not a large amount of money but it might be worth looking into. 

Thanks again.

[veteranadvocate]

     I informed Kate that I was pretty sure but you came across as positive.  I may be wrong but I would recommend that she take the trip to the bank and avoid any possible conflict with the law.  We are dealing with the Federal Government and we cannot be too careful.  The penalty could be severe.