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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 10874
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I am a 57-year-old widow who receives and lives off of an

Customer Question

I am a 57-year-old widow who receives and lives off of an inherited IRA I am also on Medicaid. It is time for renewal and I have called them twice in the past year to tell them that I took money out of the IRA and they said that's fine wait until renewal time Will I get to remain on Medicaid?
Submitted: 1 year ago.
Category: Finance
Expert:  Lane replied 1 year ago.

Hi,

..

The rules regarding IRAs and Medicaid are complicated and vary from state to state... GENERALLY they DO count as assets BUT in states that have expanded medicaid and use MAGI as the test, assets levels count as much as they used to in the eligibility formula.

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Also, in some states it has more to do with how you spend the assets you DO pull.

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Can you give me your state?

Expert:  Lane replied 1 year ago.

If you ARE in a medicaid expansion state your MAGI is what matters (not assets) IF you are under age 65.

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MAGI stands for Modified Adjusted Gross Income

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Again, if you can let me know your state, we can go from there ... the state will determine the answer.

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Thanks

Lane