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Experience:  Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
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I am 66 years old, I live in Missouri. Because my social security

Customer Question

I am 66 years old, I live in Missouri. Because my social security is small, I qualified for QMB and Mo Health Net. I have IRA account with small amount of money. I did not touch this account. My question is in my case IRA account qualified as assets and prevent me from getting Medicaid or not? Please send me a proof that means article of law or name of the law, which is appropriate to my situation. What is legal way to get Medicaid in my situation.
Submitted: 1 year ago.
Category: Legal
Expert:  Irwin Law replied 1 year ago.

The laws concerning IRAs application to Medicaid are not simple. They are based upon whether or not they have been converted to some that is paying out benefits, like an annuity. If not, they are considered "countable" assets in determining eligibility for Medicaid. If they are countable assets, they must be spent down to the $2000 so that you can qualify. This is a very complicated area of law. I can't send you the statute because it is too long and involved and you wouldn't understand it. Here is an article by attorneys that might help, but as I said, it is complicated. You would be better off to consult a local Elder Law attorney in your area who can analyze exactly what your situation is, knowing how much you have and what it consists of.

http://www.trustedattorneys.com/News/tabid/64/entryid/13/Retirement-Accounts.aspx

I hope that this information is helpful. Please click on a smiley face so that I will be compensated for assisting you. If you have a follow up question please send me back a Reply without entering any rating. Also, be sure to verify this information with a local attorney who is familiar with your local laws and procedures. Thanks again for using Pearl.Com- Just Answer. Your business is appreciated.

 

 

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Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.