Very interesting question. It revolves around 'what counts' and 'what doesn't count.' Because the rules pertaining to SSI and SSD combined with other benefits can become convoluted rather quickly I'd urge you to work a Nevada attorney whose practice revolves around Social Security benefits. Look on Avvo.Com under Find-A-Lawyer and I'd suggest starting with Reno and Carson City, then Las Vegas. Good Luck!
It will be treated as excess income for SSI/Medicaid in the month received and will be an excess asset on the first day of the month following receipt. You can plan ahead to position yourself in the right place when it is received to minimized the problem. You may be able to assign or transfer the payment into a pooled trust account so you can still get some benefit from the money. I recommend you talk to an elder law attorney who does SSI/Medicaid work. Use the AVVO Find a Lawyer search or go to www.naela.org.