IRA protection from medical bills
I have a client new to Medicare and they had a major medical event in November. The first bill has come in at about $1M. Can you tell me if IRA’s are protected from creditors for medical bills?
Thank you!
I have a client new to Medicare and they had a major medical event in November. The first bill has come in at about $1M. Can you tell me if IRA’s are protected from creditors for medical bills?
Thank you!
Permalink Submitted by Alan - IRA critic on Wed, 2023-02-08 16:12
Depends on the state of residence. What state?
Permalink Submitted by Amanda Minter on Wed, 2023-02-08 17:14
South Dakota
Permalink Submitted by Alan - IRA critic on Wed, 2023-02-08 18:02
IRA creditor protection sites indicate that IRAs are protected up to 1mm, except for liens from the state or political subdivisions of the state. For a thorough interpretation client should check with an in state bankruptcy attorney.