Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
Medicare - medicaid question? (senior citizen)..?
with very low income well below poverty level, now came into insurance settlement (over asset limit) . WIll they be taken off all help even if the income remains rock bottom low? Or do they still help you somehow? This has not happened yet, but the settlement will be coming soon. Thank you for any insight you may have. Blessings. ( Senior does nt want anything that isnt coming to them honestly but needs advice on this )to know what to expect. Thanks again.
ah, I should have been clearer in wondering if Medicare would now cost anything, is part A free if the senior has very low income but now has assets? and would there be any extra help with the part B? the assets will be reimbursement for damages and will disappear quicklly if paying the premium out of pocket. Thanks for your great answers, and Flower, sorry but I didnt think I was clear enough the first time, thanks for responding again. Thanks to all.
4 Answers
- ?Lv 710 years ago
I answered your question before. Medicare is not based on your assets or income. That does not change.
Medicaid is based on your being low income and having only $2000 in assets. You must report any asset change within 10 days and you will be disqualified from Medicaid. And NO, there is no other program for seniors, only if the senior is pregnant or has a bunch of minor children or is an immigrant.
- ZarnevLv 710 years ago
They will not be taken off of Medicare because Medicare is not based on income or assets. They may be taken off of Medicaid because that is based on income and assets. Medicaid is operated through the state, each state is different, so what will happen exactly will depend upon the state.
However, they still may be eligible for other programs through Medicare, Social Security, or Medicaid. What they'll be eligible for will also depend upon the settlement and the resident state regulations.
Source(s): Independent Agent - StephenWeinsteinLv 710 years ago
You will get to keep medicare. Medicare is not affected by your finances or your income and has no asset limit.
You might lose medicaid, at least temporarily, until you use up the money and get back below the asset limit.
- AnonymousLv 710 years ago
Medicaid eligiblity is different for the elderly, especially if you're talking about nursing home care, and Medicaid is run a little bit differently, in each state.
You'll probably need to be a heck of a lot more specific about which state.
Medicare, flat out won't be affected - you get it based purely on your age, not your assets.