How does inheritance affect Medicare eligibility?
I am on Medicare because of disability. My question is, when my father passes away, he is leaving his mobile home to me. Also, my daughter and family are buying his previous home, and they pay him a certain amount each month. Will my inheritance affect my Medicare in any way? What's the relationship between Medicare and inheritance. This is worrying me sick, so I would really appreciate an answer. Thank you.
No, it won't affect your eligibility for Medicare at all. Qualifying for Medicare has nothing to do with how much money or property you have. The only possible effect on your Medicare coverage would be on the amount you have to pay each month for Medicare Part B coverage. Most people pay $96.40 per month (in 2008) for Medicare Part B coverage. The amount is probably automatically deducted from your monthly Social Security disability benefits. If the income you receive from the sale of your father's previous house pushed your total income to over $82,000 a year, you'd have to pay an additional $25.80 per month for Medicare Part B. If your total yearly income went over $102,00, the added premium would be higher.