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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
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Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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What countable assets, if any, does Delaware include as part

Customer Question

What countable assets, if any, does Delaware include as part of their eligibility determination? In October 2015 I elected to receive a lump sum pension payout from my former employer, and had this money transferred into an annuity contract. I was on Medicaid then and now. When I file my 2015 tax returns, will the State of Delaware say I am no longer eligible for Medicaid because of this IRA/annuity asset? I am 63 yo female.
Submitted: 1 year ago.
Category: Finance
Expert:  Lane replied 1 year ago.

I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial & tax advice since 1986.


Please don't shoot the messenger here, but Delaware does count IRAs and other retirement plans as countable assets.


One thing that might help? annuitizing the annuity ... Forgoing the balance to the insurance company in return for an income you can't outlive (sometimes called an immediate annuity)


With the expansion of MEdicaid under ACA (and DE did opt to expand) the 138% of federal poverty level for Medicaid qualification purposes is $16,243.


If the immediate annuity plus your other income is less than that you would still be eligible

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