I also receive payments from my ex-husband for my half of the house we shared before we were divorced. That will end when he has finished paying me off in about 5 years. My only other assets are a small IRA which I will not touch until I am required to and won't support me for more than a few years. Can I qualify for Medicaid or other benefits such as SNAP. In other words, is my IRA considered to be an asset that would prevent me from qualifying for Medicaid or other benefits. I am 68 YOA and originally went on Medicare and SSI in 2001 due to a chronic, disabling disease. I presently have a Medigap insurance policy that is going up and up in cost, and I take a number of medications for my chronic condition, plus Botox which allows me to lead a near normal life in spite of the condition, which is very expensive.
An IRA is an asset & has a required minimum distribution. You need to look into when it has to start as this will affect your income.
If you are possibly thinking of changing your Medicare, also look into doing this before EOY 2015. There is going to be a huge increase in part B for about 30% of all Medicare recipients in 2016. If you could be in that group, you need to change coverage this year.
As an aside, I'm surprised that the Medicare B increase isn't being written up or on-line as It will be huge in the purse or pocketbook for the 30% affected.
Medicaid is always state based, so you'll need to check your state's medical assistance website for detailed information. From what I've seen, it ALL counts, regardless of the source, and they rarely let YOU decide when you spend it, when trying to qualify. In California (and many other states), you can apply for the state level aid, and they'll tell you whether or not you qualify, and what you would need to "spend down" before benefits can kick in. There is usually a 'look back" period, so that if - for instance - you gifted a family member with $20K 3 years ago, you'll incur a penalty from Medicaid (there are some exceptions, read carefully).
Regardless of the rules, it's probably smart to start preparations now. The look back period is 5 years. Unless you're already eligible for hospice care, there's no time like the present to get ready for your future.
LadeeC