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Some people are unaware that Obamacare subsidies and expanded Medicaid have no asset test, it is based on income only. In the case primarily of older people who have homes and savings/retirement accounts but low income, they often will qualify for full Medicaid coverage. There is no limit to this, they can be millionaires as long as their investment income is at or below poverty income limit.
States are also dropping asset tests for food stamps and other entitlements.
Many people are shocked that someone with money in the bank could qualify for programs, however, with no income, or income low enough to qualify, many of these people are already depleting their savings to pay the bills.
There needs to be a conversation about what wealth really means, it is very precarious when an unemployable older person is spending down all their savings in order to live, or when a single mother cannot have a cushion of savings or a decent car that runs for fear of losing food assistance.
While there should certainly be asset tests for assistance, I have an odd concern.
I have two old outstanding judgments and hope to one day have a lump sum to offer as settlement in full. Specifically, I'm thinking of a sum in the neighborhood of $2,500 to $5,000.
What if i'm living on a shoestring and unable to BOTH get/keep assistance and pay off the judgments? Wouldn't most people in that situation blow off the creditor in order to keep the assistance? Should the creditor have to suck it up and accept a lower payoff limited by the asset test?
There are those who are shocked over this, but it is true and there is no trick. A lady I know, not a millionaire but she is an unemployed widow with a retirement fund, went to the obamacare website, was forwarded to state exchange who qualified her for Medicaid. The customer service rep seemed upset about it, like she didn't know this was a thing. The people working there don't know how the system works?
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