If I only need Medicaid for 2 years, do I need to continue spending down my IRA assets?
1 answer
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Last updated: Aug 25, 2010
Q
Hi,
I understand that IRA assets are not counted for Medicaid eligibility if the applicant undertakes to spend them within the 60-months limit on himself. My question is, since I need Medicaid for 2 years only (Medicare will start then), will I have to continue to spend my IRA assets for another 3 years until nothing remains of them?
A
Steve Weisman hosts the nationally syndicated radio show A Touch of Grey, heard on more than 50 stations, including WABC in New York City...
It sounds like you are confusing Medicare with Medicaid. Medicare is an entitlement program of health insurance through the Social Security system. It only covers a hundred days maximum in a nursing home. Medicaid is a joint state-federal program which will pay for the cost of long term care in a nursing home, but for which you must meet stringent financial limitations. Some states do not count IRA assets in determining Medicaid eligibility while others do. Your best bet would be to contact an elder law attorney in your state to see what planning is appropriate for you.
