While nursing homes cannot directly access your retirement accounts, Medicaid eligibility for long-term care can be influenced by IRA funds. If you lack long-term care insurance and rely on Medicaid, your IRA may count against the asset limits set by your state. For example, some states permit only a minimal amount of countable assets to qualify, necessitating the expenditure of retirement funds prior to receiving Medicaid assistance. It's advisable to consult a financial advisor specializing in elder care to navigate these complexities effectively.
If you're counting on Medicaid to pay for long-term nursing home care, the funds in your IRA may impact eligibility for coverage.
According to the American Council on Aging, a single senior applicant, aged 65 or older, can have no more than $2,000 in countable assets to be eligible for Medicaid.
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