If under 65, there is not asset test for Medicaid?

[sonofagunk]

So if you are over 65 and you have more than $4k in the bank, you do not qualify for Medicaid. But if you are under 65, and make below the income limit, you can have $5M in the bank and still qualify. I just found that strange. I guess that is why there are about 2,290,000 NJ residents on Medicaid right now. Also If you are a family of 4 and make less than $110K/year, your kids can get Medicaid no matter how much you have in assets (just the kids, not the parents)

Just was looking into this for a family member and found all of this very strange

[Retriever]

I think the reason for that disparity is because those who are 65 & over are already covered by Medicare. Ergo, those who already have health insurance coverage are not as "needy" as those who lack coverage.

[sonofagunk]

Originally Posted by Retriever

I think the reason for that disparity is because those who are 65 & over are already covered by Medicare. Ergo, those who already have health insurance coverage are not as "needy" as those who lack coverage.

I guess, it just seems strange that I can have $5M in the bank and be "poor"

[ocnjgirl]

Originally Posted by Retriever

I think the reason for that disparity is because those who are 65 & over are already covered by Medicare. Ergo, those who already have health insurance coverage are not as "needy" as those who lack coverage.

Medicaid for people over 65 isn’t for health insurance, it’s for long-term care. In order to get long-term care Medicaid, you can’t have more than $2000 in assets. The non-asset test for Medicaid for those under 65 is really to benefit rich people. So they can retire early and get free healthcare even though they have $3 million in assets.

They actually have seminars where they teach rich people how to do things like this.

[sonofagunk]

Originally Posted by ocnjgirl

Medicaid for people over 65 isn’t for health insurance, it’s for long-term care. In order to get long-term care Medicaid, you can’t have more than $2000 in assets. The non-asset test for Medicaid for those under 65 is really to benefit rich people. So they can retire early and get free healthcare even though they have $3 million in assets.

They actually have seminars where they teach rich people how to do things like this.

thanks, but just seems wrong

[ocnjgirl]

Originally Posted by sonofagunk

thanks, but just seems wrong

I agree.

[sonofagunk]

Originally Posted by ocnjgirl

I agree.

I am actually retiring in a few years and let's just say I am not poor. I was looking at the rates for ACA since I will only be 62. I was amazed when I found out that I would be eligible for Medicaid (since I will be living off some savings for a while). I am fortunate to be able to pay the premiums for better insurance but if I do not take Medicaid I get $0 in tax credits for a healthcare.gov plan (I figured I would get a few bucks)