Is it true that you can't qualify for medicaid if you have $5,000 in the bank or retirement plans?

Question

even if you definitely qualify with income requirements?

Answer 1

Yes, that is accurate.  I found out when I tried to help my mother out before she qualified for Medicare.  Doesn't seem right.  You may qualify for other health coverage through your state.  Check their website.

Answer 2

I don't know for sure, but since medicaid is ran by the government, and considering how cheap the government is and how desolate they want people to be before they are willing to help them, I would imagine they would consider your savings and your retirement as income, and may not qualify you if you show that you have other sources of money.

Answer 3

That's true. Income is only half of the equation in figuring eligibility. The reason being is that a savings account/IRA are considered liquid assets and medicaid is designed to help those with limited assets. Generally, the asset limit is $2000 for an individual. Usually a house and 1 car is not counted toward asset levels, however.

If it gets to the point that you have used these assets though, make sure you can prove how you spent them in order to re-qualify for assistance. You may not "gift" assets in order to qualify for aid.