Your IRA/401k Will Be Taken From You In Most States By Medicaid

28 Jan 2022 · 1 min

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In this short video, Jerry Taylor warns viewers that in most U.S. states Medicaid can require the use of retirement accounts—such as IRAs and 401(k)s—to pay for nursing‑home costs before an individual becomes eligible for Medicaid benefits. He explains that the rules vary by state, and gives a concrete example: a $200,000 IRA would need to be spent before qualifying. Taylor emphasizes that there are legal strategies to protect these assets, urging viewers to contact him or a local elder‑law attorney for guidance. The video’s purpose is to alert seniors and their families to this risk and to promote further information through his channel.

Chapters

Your IRA, 401, and other retirement accounts will be taken from you in most states by Medicaid before you're able to qualify for Medicaid benefits. It's easy to find out online if you're in one of the states that requires this, but if you are, what I want you to know is that there are strategies to avoid your IRA, your 401 being taken from you. For instance, if you have a $200,000 IRA, you'll have to pay that to the nursing home before you'll be able to qualify for benefits. Contact me or an elder lawyer in your area to find out more about this. But what I want you to take from this video is that you do not have to allow this to happen. For more information like this, follow my channel.