SSI Disability, Kids on Medicaid, rcving 77M rollover pension
I have a client on SSI disability with children on Medicaid. He just rcvd a $77,000.00 check to be rolled into an IRA. Does this affect the children’s Medicaid? Have had two different answers from SSI. Can we put into an annuity(variable) IRA so that children continue to get medicaid?
Permalink Submitted by Susan Lewis on Mon, 2015-12-28 15:36
Can the client send back the rollover so that it won’t affect the Medicaid?
Permalink Submitted by Susan Lewis on Mon, 2015-12-28 15:44
Alan-iracritic or alan-oniras , How can I find the answer to this? No one in my group seems to know. THANKS!
Permalink Submitted by Bruce Steiner on Tue, 2015-12-29 00:11
Medicaid treats IRAs differently depending on the state. Some states treat an IRA as an available resource. Other states don’t, but instead treat the distributions as income, though Medicaid may require distributions to be calculated differently from how required distributions from IRAs are calculated. You may want to bring in co-counsel familiar with Medicaid in the applicable state.