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if someone buys me new car as a gift will it hurt me getting Medicaid ?
I know it would become an asset, I have leukemia so Medicaid is very important to me , I might have to turn this down. And yes it was going to be a New car. This is not a relative or boyfriend, just a real nice person I have known a long time wanting to gift me this car because I am in remission at this time but still getting expensive treatments.
1 Answer
- gatzapLv 58 years ago
It is smart that you have recognized this issue. Explain to your benefactor that it would cause you a major unintended consequence. Suggest a used car instead. Having enough money to give a car he should also be able to figure how expensive a car can be given without messing up your Medicaid. Being much cheaper than a new car he might also agree to covering repairs that come up.
An alternative would be to keep it in his name but that would leave him vulnerable in case of any accident.
Another possible thing to look into would be leasing the new car. It should not be counted as an asset to you but him making the payments probably would be considered income to you.
