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Dr. Fiona Chen
Dr. Fiona Chen, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 300
Experience:  Former IRS Revenue Agent
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I recently became eligible for Medicare. I had been

Customer Question

I recently became eligible for Medicare. I had been receiving $917 from which $122 will be deducted for Part B, leaving me a mere $795. This is the only income I have.
I do, however, have an IRA containing about $65,000, own my home and a vehicle.
Am I eligible for Medicaid or QMB?
Submitted: 2 months ago.
Category: Finance
Expert:  Dr. Fiona Chen replied 2 months ago.

Dear Customer,

You may not qualify for the Medicaid and QMB because of the IRA account. However, there are many services available for senior citizens. You may want to contact your local County's Department of Aging and Senior Services. Please see below for details.


Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP

To qualify for QMB, the income and assets limitation is as follows.

Specifically, to qualify for the QMB program you must have income and assets meeting 100% of the Federal Poverty Level (FPL). (You can click here to read more about the current Federal Poverty Level.)

  • As an example, in 2015 the income limits are $981 for a single person or $1,328 for a couple and
  • The 2015, asset or allowed financial resource limit is: $7,280 per individual or $10,930 per couple.
  • In 2016, the income limits are $1,010 for a single person or $1,355 for a couple
  • Your financial resources or assets that count toward QMB eligibility include: your checking accounts, savings accounts, and investments such as stocks, bonds, and mutual funds.
  • Some of your property will not count as assets when qualifying for the QMB program, such as:
    • Your primary home where you or your spouse lives,
    • Your primary car,
    • Furniture / personal items,
    • A pre-paid burial plot, and
    • A limited burial plan.