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Someone with savings could take advantage. Medicaid is not actually means-based. It's income-based. In many states like California, so is SNAP. So a multi-milli
by bloppe 7mo ago
Someone with savings could take advantage. Medicaid is not actually means-based. It's income-based. In many states like California, so is SNAP. So a multi-millionaire can actually get free health care and $300/mo for food as long as they don't have income that year. Spend that time working on something that won't pay off for a few years, and you get a ton of benefits, even though you're already rich.
It's pretty bonkers.
- notrustincloud 7mo agoExcept for the fact that the application paperwork requires disclosure of assets, even an insurable collection qualifies against a 'lack of income', and will need to be declared. Failure to disclose risks committing fraud, subject to recovery of assistance and prosecution. So, no, not really.
- bloppe 7mo agoI can assure you that I asked this question explicitly to the Medicaid case worker I spoke to on the phone. "Are you sure my bank account does not matter?". They said no. I don't like it either.
- trollbridge 7mo agoNo, it doesn’t. You can have a million dollar home and it doesn’t count. Passive interest income needs to be declare, or dividends, but just owning a depreciating asset doesn’t count. The one exception is qualifying for Medicaid nursing care in old age - that does require liquidating assets except for 1 car and a primary residence.
- trollbridge 7mo agoSomeone who had a business which is producing little or no income gets full coverage from the Medicaid, snap, etc safety net. I don’t see a problem with this. I know people whose businesses produce a small profit or no profit at all and pay themselves a small salary. They also employer other people, who make a lot more than they do in wages. The government wants to strongly incentivise this kind of activity.