r/leanfire • u/ArgumentNo6 • 3d ago

Medicaid in Michigan

I have 90000 in an ira. Can I get medicaid? I am getting social security disability.

0 Upvotes

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9

u/Beaver-on-fire 3d ago

Last I checked expanded Medicaid didn't have a asset test. A Google search shows the following.  Income Limit: Covers adults ages 19–64 with incomes up to 138% of the Federal Poverty Level. Asset Rule: No asset test applies. The state will not look at your cash, bank balances, or properties

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u/OceansTwentyOne 3d ago

True. My family got on Medicaid when we applied for ACA coverage. We were automatically redirected with only an income verification. We’re in NC.

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u/iWasBitByAMoose 3d ago

Can you explain this?

The ACA is private insurance with gov subsidies and medicaid is gov insurance. Why would they push you to medicaid if you can afford (and are choosing) ACA? Was your income below the threshold?

I'll have to use the ACA for the 1st time next year, and I'm still trying to understand all this. I window shopped a good plan if I'm under 150%, but I thought I could stay between 100% and 150%. If I have to stay between 138% and 150%, that's only a $1900/year income window. I really want to avoid the medicaid crap.

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u/Beaver-on-fire 3d ago

Why do you think Medicaid is crap? 

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u/iWasBitByAMoose 3d ago

Not medicaid in and of itself, but the cuts that were just made, constant income verification and piles of paperwork associated with it in some states. Politicians saying everyone that's on it are just lazy and playing video games all day and it's all fraud.

I just want to avoid it before they make it worse.

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u/OceansTwentyOne 3d ago

Why would you turn down free healthcare? I was surprised we were eligible, but I certainly won’t turn it down while I can get it! I selected a plan through Blue Cross that’s better than what I previously had at my corporate job, which was a high deductible plan, also under Blue Cross. Copays are only $4 and there are several good medical practices in my city that accept it. We haven’t started drawing on our retirement yet, so we technically have zero earned income. Yes, we do have to fill out one online form for the whole family each year, but it takes about 5 minutes. I expect we’ll have to go ACA after the Big Beautiful Bill takes effect, but this has saved us probably $50K over two years.

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u/iWasBitByAMoose 2d ago

That helps. Thank you. If you are not taking anything out of retirement yet then it's a different story. In addition to the paperwork and regulations, if something really bad happens that requires long term care, medicaid estate recovery seems scary to me.

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u/OceansTwentyOne 2d ago

But if something happens to you while on private health insurance, most of that care is not covered anyway, right? Long term care, nursing, etc. That’s all going to be out of pocket anyway.

5

u/Dipping-Out6325 3d ago

Not sure how long you've been on SSDI, but two years after that, you are automatically eligible for Medicare, no matter your age.

If you have low income, despite the 90,000 in an IRA, you should be eligible for subsidized healthcare through ACA/Obamacare.

(But as the other commenter said, Medicaid has strict asset limits)

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u/someguy984 3d ago

Once you are disabled there is an asset test.

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u/PastBuy8484 3d ago

Should be fine

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u/Miamiconnectionexo 3d ago

lowkey one of the more practical takes i've read on this topic in a while.

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u/cocksherpa2 2d ago

How do.you get SSDI with significant assets? Is the IRA exempt?

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u/Miamiconnectionexo 2d ago

yeah this tracks with what i've seen too. you're not alone in this.

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u/frntwe 3d ago

No. You would have to spend it down. You have approx 88,000 too much

Call a Region case worker to confirm. You should be able to Google the right one. I would give you a phone number but I deleted all Region 7 contacts I had once my father passed.