I am 60 years old, my wife and I do not work and live off our accumulated savings. When searching for med insurance, we found that we qualified for Medicaid because we had no income to declare on our taxes. I am not purposely trying to cheat the system but the more I read I am concerned we may not actually be eligible. We were never asked about assets when applying. We have a retirement account and another year or so of savings to get us by.
Congress seems especially clueless as to the degree of folks who have delayed or deferred any care for years till ACA as they had no insurance; or found themselves in unpayable debt from healthcare.
ACA via Medicaid expansion very, very different eligibility & program than LTC Medicaid.
To me, it's important that you & your bride stay on it. Healthy or healthier enrollees are critical for ACA to work financially for your state. Hopefully you dont need to use ACA but if so, you have it. If you become uninsured just 1 illness or incident could liquidate that savings. At 60, it's 5++ long years before Medicare could kick in...
Each state handles calculating the exempt assets for a couple differently, but the amount allowed varies from $23,800 to $119,220. It is true that $2,000 is an asset threshold, but before we pass that on we should be careful to specify that is for a single person.
Of course, none of us can predict what will happen to Medicaid in the coming years.
Once you "age out" of the Medicaid expansion (65) your assets are considered....and...you must spend down to $2,000 to qualify.