2007-01-31 12:30:40 · 3 answers · asked by hazel 2 in Business & Finance ➔ Personal Finance
The answer is yes and no. Some states require that you spend all of your IRA benefits to use before they will grant medicaid benefits. However, I would urge you to speak to a financial adviser. The reason being that there is a thing called a Medicaid Annuity. I really don't know too much about it; however, a financial planner can give you the details. Generally states frown upon "dumping" assets and will make you have a window of 2 years before you eligible if you "hide" money with relatives. This is a question for a person with a lot of experience. You don't want to make a mistake taking the wrong advise from a message board.
Most financial planners will give you a free consultation in hopes of making money later. Take advantage of it.
Good luck
2007-01-31 12:47:14 · answer #1 · answered by Anonymous · 5⤊ 0⤋
As a general rule, no you cannot qualify for medicaid if you have retirement assets. Try www.aarp.org for more details. Good luck
2007-01-31 12:36:40 · answer #2 · answered by cinsingl83 3 · 0⤊ 0⤋
Not in the state of Missouri. Your assests can only total $999.
2007-01-31 12:33:58 · answer #3 · answered by Mamma angel 3 · 0⤊ 0⤋