Investment
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.
https://www.medicaidplanningassistance.org/medicaid-eligibility-test/
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:
https://www.ncoa.org/
