What assets will be counted to determine if I am eligible for Medicare? Do not risk counting unnecessary assets. Learn what to count before applying.
Medicare Part A is automatically available to any person age 65 or older who has worked and had Medicare taken as a deduction from their check for at least ten years. Married couples can get this benefit when either has worked the required years. No assets will be counted for Medicare part A. Disabled adults under age 65 also qualify. Medicare part B, the drug plan does have asset limits. For help with determination of assets it is necessary to apply for help from Social Security. Generally, assets are considered anything that can be liquidated within a 20 day period.
To apply for Medicare Part B the Social Security office must be contacted. They will review the case and determine if supplemental help is appropriate. Medicaid recipients are automatically eligible for extra help. Assets vary state to state for eligible Medicaid recipients. When monthly income does not exceed $1218. for individuals or $1639. for couples, assets are allowed below $8100. for individuals or $12910. for couples. Monthly income exceeding $1354. for individuals or $1822. for couples will result in an asset limit of less than $12510. for singles or $25010. for couples. Extra help will be in the form of a reduced Medicare premium for the Medicare drug plan. What assets will be counted to determine if I am eligible for Medicare? Anything that is able to be liquidated within 20 days is considered an asset.
Typically when Medicare drug plans are applied for the assets are determined by the state Medicaid program. Since this varies from state to state it is best to consult with a social service intake specialist. Ask them: “What assets will be counted to determine if I am eligible for Medicare?” They will be able to review your assets and give a clear answer.