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-> Household Management
-> Finances
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amother
OP
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 Sun, Jan 14 2024, 7:09 pm
I am trying to figure something out.
Online when I read up on assets, is says you cannot have over $2k in account in order to qualify for Medicaid. However, all the articles on Google address this for the elderly so perhaps I am misunderstanding something.
Is that so? Just 2k allowed to be in savings? And if someone looses a job or receives a pay cut?
Please state your state when responding.
Thank you!
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amother
Valerian
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Sun, Jan 14 2024, 7:18 pm
| amother OP wrote: | I am trying to figure something out.
Online when I read up on assets, is says you cannot have over $2k in account in order to qualify for Medicaid. However, all the articles on Google address this for the elderly so perhaps I am misunderstanding something.
Is that so? Just 2k allowed to be in savings? And if someone looses a job or receives a pay cut?
Please state your state when responding.
Thank you! |
I believe that is a requirement for SSI disability not Medicaid. I don't know the full insurance and outs but looked into it for someone at one point. Info is relevant to NJ but I believe it's national
And yes, it is crippling and keeps adults with disabilities who need the benefits well below poverty to receive them even if they are capable of earning more (even if it's not enough to manage without the benefits)
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advocate
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Sun, Jan 14 2024, 8:25 pm
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Thank you Hashem for ABLE accounts...
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amother
DarkMagenta
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Sun, Jan 14 2024, 9:00 pm
| advocate wrote: | | Thank you Hashem for ABLE accounts... |
What is that?
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amother
Camellia
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Sun, Jan 14 2024, 9:50 pm
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Able accounts are for the disabled. OP are you asking for someone who is disabled? If not these answers are not for you.
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amother
Smokey
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Sun, Jan 14 2024, 10:30 pm
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Which state are you asking about? Medicaid has different requirements for the type of coverage you need. For the elderly (so could cover nursing home) there is an asset limit of 2000 which means all assets spent down and then income (SS and Pension) is spent throughout the month
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amother
Taupe
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Sun, Jan 14 2024, 10:40 pm
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Google MAGI Medicaid, which is Medicaid for health insurance based on income, I assume that's what you are looking for.
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amother
OP
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Sun, Jan 14 2024, 11:14 pm
Thank you.
Looking for my family. Not for elderly.
What assets do I need to take into account? Are there limitations?
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amother
Rainbow
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Sun, Jan 14 2024, 11:19 pm
As far as I know, there is no asset limitation on regular medicaid.
Elderly or long term disabled is different.
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amother
Valerian
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Mon, Jan 15 2024, 1:04 am
| amother OP wrote: | Thank you.
Looking for my family. Not for elderly.
What assets do I need to take into account? Are there limitations? |
Not in NJ. It's just income dependent, no assets taken into consideration. LRRC is great if you have further questions
It also may help get info targeted to your state if you put that in your question.
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