Ask Terry Questions Investment


By Terry Savage on October 23, 2023 | Insurance & Annuities

Hello, I’m a 68 year old man I’m on social security and Medicare & state medicade l heard that you can’t invest any money in savings or cd’s or bonds because if they find out they cancel your state medicade is this true or not because l can’t really afford the high price of medical insurance. Thank you God bless

Terry Says

Each state has both an income and an asset test for Medicaid. Here’s a link to find out whether you qualify for Medicaid as a senior in your state of residence.

In Illinois, for example, the asset maximum was raised in May of 2023. Here is the current 2023 asset limitation to qualify for Medicaid in Illinois:
This increase in the resource limit amount will result in more customers becoming eligible for medical benefits and will allow the customer to retain more of their resources/assets without eligibility being affected. The new resource limit amount is changing from $2000 for an individual and $3000 for a couple to $17,500 for both individuals and couples for medical cases eligible under the Aid to the Aged, Blind, and Disabled (AABD) medical program. The $17,500 resource limit amount applies to each household, regardless of the number of persons in the household.

But you’ll want to check with your state of residence (since I don’t know where you live) to find out exactly what is the maximum, and what is considered a “countable asset.” Equity in a home may be considered separately.

You can find out more specific information from the advisors on the National Council on Aging website:



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