Medicaid qualification for in home health care
Is IRA’s used in asset qualifications for Medicaid in home care? My adult daughter will be applying for Medicaid in New York.
Is IRA’s used in asset qualifications for Medicaid in home care? My adult daughter will be applying for Medicaid in New York.
Permalink Submitted by Gil Shifrin on Sat, 2020-02-29 00:42
I forgot to mention my daughter is disabled.
Permalink Submitted by Alan - IRA critic on Sat, 2020-02-29 01:15
An IRA is only exempt if it is in “payout status”, meaning that annual RMDs are being distributed. It is also possible to have the IRA treated as being in payout as young as 59.5 if annual distributions based on life expectancy are being distributed every year. Such distributions will exempt the IRA from the asset test, but the income will not be exempt from the income test.