can you get Medicaid even though you own rental property and get income from it?
- Beverly SLv 71 month ago
Medicaid is for people living in poverty.... so NO.
- Anonymous1 month ago
Of course not. You have to have nothing.
- EvaLv 71 month ago
Generally not. The rental property is an asset that would probably put you over that limit.
- JudyLv 71 month ago
depends on how much income
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- SlickterpLv 71 month ago
That depends on the rules of your state, but probably not.
- SimplytheFACTSLv 71 month ago
depends on the state, may be in states with expanded medicaid, but in others, it would likely be a disqualifying asset.
I know someone in NJ with at least a million in assets including 100s of thousands in cash, retirement, etc as well as a home worth over 500K that is paid off. She gets medicaid because her actual income is low.
Her actual cash/liquid assets alone put her over the old pre obama care asset limit. Since she lives in the home it is not counted as an asset.
I don't agree with it, but that is how it is....people severely disabled on SSDI and legitimately poor can't get help while millionaires get medicaid
her property tax, utilities, insurance is about 1500/month. she goes out to eat often, has a nice car, etc. monthly expenses are easily 2500/month-likely more...so she does have the resources to pay that.....yet taxpayers pay for her medicaid.
she had retired too early to get social security...because she could afford it. the house is paid off.
- curtisports2Lv 71 month ago
The simple answer is a qualified yes. It is not a simple matter. Each state determines its own limits for assets and rental income, and the rules are complex. In some states, if your equity in the property (the value of the property minus your debt on the property) is over $6,000, the amount over $6,000 counts toward the Medicaid asset limit. In other states, the exemption is as low as $2,000. One state might count all of the rental income toward the income limit, while another state might count none of it, provided that the rent being collected is considered by the state to be 'reasonable'. Be aware that 'rental income' is not gross rental income, but the net income you show on your tax returns, which you will be asked to provide.
Obviously no 'one size fits all' answer to this question. If you are considering Medicaid, a Medicaid representative in your state will have the information you need.