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I don't work with Dual Eligibles, so therefore, I never pay attention to, nor take the certification tests for, Medicaid eligibility.
That out of the way, I have a question.
Met a man today, who is on Medicare, and will be applying for Medicaid in short order. He has no income. He does have a Cash Value Life Insurance policy, I believe in the $50K amount arena, and he has an IRA.
He didn't share with me - or wouldn't - the amount that is in the IRA.
Question: Are IRA's protected from creditors? If so, is there a limit?
His concern is, if creditors call, can they realistically take money from his IRA? Or, should he consider that a veiled threat. Hasn't happened yet.
Just wonderin'.
P.S. He lives in an apartment, and owns his 2006 car. Does not have any passive nor active income.
That out of the way, I have a question.
Met a man today, who is on Medicare, and will be applying for Medicaid in short order. He has no income. He does have a Cash Value Life Insurance policy, I believe in the $50K amount arena, and he has an IRA.
He didn't share with me - or wouldn't - the amount that is in the IRA.
Question: Are IRA's protected from creditors? If so, is there a limit?
His concern is, if creditors call, can they realistically take money from his IRA? Or, should he consider that a veiled threat. Hasn't happened yet.
Just wonderin'.
P.S. He lives in an apartment, and owns his 2006 car. Does not have any passive nor active income.