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Re: Medicaid Could Cost You Your IRA
Old 04-02-2005, 07:05 AM   #21
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Re: Medicaid Could Cost You Your IRA


How about converting deferred assets to a fixed annuity. *I know some medicaid rules will allow an income producing asset to be considered differently than a non income producing asset.
It is my understanding {I had 10 yrs as a county ombudsman in CA} that an irrevocable annuity would not be considered when determining liquid assets and assets that could become liquid, just as you can exclude the value of most personal belongings, one home, and one car. All other items that can be sold are considered and Medi-Cal [CA's version of Medicaid] is only concerned if the value goes over 3k / 90k if placement in a SNF is needed.

Folks, this is intended as a safety net for those who do not have financial resources available to them for their medical / custodial care. I do not believe that any of us fall into that classification. Otherwise, we would not be FIRE'd ... we would be at work. Once you hit Medicare age years from now, then you get 100 days SNF care per hospitalization ... renews after 60 days out. So there is relief there .... otherwise plan well. It can be a retirement breaker

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Re: Medicaid Could Cost You Your IRA
Old 04-02-2005, 08:58 AM   #22
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Re: Medicaid Could Cost You Your IRA

Still seems to me that it's lack of health insurance that's costing this person their IRA. But it's another argument for holding onto traditional SS benefits so that all of us have a fall-back that can't be taken away by medical bills.

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Re: Medicaid Could Cost You Your IRA
Old 04-02-2005, 05:35 PM   #23
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Re: Medicaid Could Cost You Your IRA

I disagree that it is a lack of health insurance. Health insurance does NOT pay for nursing home care. You must self pay or have LTC insurance.

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