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I have a Roth IRA with $14K but have never cashed it in. I received backpay for SSDI benefits of $38K. Would those count as resources for Medicaid and what about a property tax exemption
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Cindyk56, yes, IRA's and 38K in cash would count. Your house and one car do not count. On SSDI you will be able to go on Medicare (not Medicaid). Look into a good Medicare supplement plan and you won't need Medicaid.
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I have not cashed in the Roth IRA. Is it sill countable because I have access to it because I am at least 59 1/2 years old?
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Once you turn age 59 1/2, you can withdraw any amount from your IRA without having to pay the 10 percent penalty. But regular income tax will still be due on each withdrawal. IRA distributions are not required until after age 70 1/2.
So the asset is available and you should think about a withdrawal schedule that meets your needs and avoids Medicaid. The biggest problem with Medicaid is that many states require you to give up your MD's and go to managed care.
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situation with hub's aunt and uncle, but they've about depleted it now
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The VA going back to 2009 had a medicaid program called the Forever program. The look back was 3 years. Does anyone remember this. My Mom was psychotic with Dementia she was in the Va Facility with my Dad who was the Veteran. At the time of admission I was asked to sign this medicaid form BUT I questioned it and was very scared to sign it. I was told it would not be used because my Mom was under my Dads pension. It may be used in a couple of years. I found out a year later when asked to sign papers that they were collecting from Medicare. I learned the girl that admitted us was fired because she had done it to many families. My Dad passed it 2015 and Mom this past October. Hopefully the Forever program had a 3 year look back as I was told. Im hoping for a answer to this question. Please and Thank you.
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Yes, Medicaid is pulling up bank accounts that we're closed by the bank 10 years ago, and they want proof that I no longer have them. They also found out that my son is listed on 2 accounts (I was trying to help him get set up with a checking and savings account) , so now they think I have 4 active accounts plus 4 accounts from 10+ years ago. So yes, they see EVERYTHING!
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Besides all the cross checking of public records, using Lexis-Nexus, have you heard of "social media"? Really, people disclose a LOT online , and guess what....Medicaid eligibilty workers can find that now too.
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