If you’re enjoying your retirement and considering relocating, the idea of Medicaid grabbing a chunk from your home sale proceeds might be unsettling. Take a deep breath; there’s some good news for you!
Understanding the Medicare QMB Program
The Qualified Medicare Beneficiary (QMB) program is a lifesaver for many. It takes care of Medicare premiums, deductibles, and even those pesky copayments, especially if your income isn’t that high. Think of it as Medicaid’s little helper. If you’ve heard the term “dual eligibles”, it refers to those who get the benefits of both Medicare and Medicaid.
Income Caps and More
It’s not a one-size-fits-all program, though. Depending on your financial situation, there are several tiers of benefits.
- For solo individuals, it’s anywhere between $1,235 and $1,660 monthly.
- Got a partner? Then it’s from $1,992 to $2,239 monthly.
Oh, and if you’re living in Alaska or Hawaii or are a working Medicare beneficiary, the ceilings are even higher.
Alright, here’s a number you might be familiar with: the QMB countable asset limit, which stands at $9,090. That’s quite a leap from the general Medicaid’s meager $2,000, right? And just to clear the air, usually, Medicaid doesn’t count your home against this limit. However, once you sell your home and hold that cash, the QMB or Medicaid safety net isn’t there anymore.
What About After I’m Gone?
Medicaid has this rule where they might seek reimbursement from the estates of folks who’ve enjoyed its benefits, either post 55 years or for any age if it was for nursing home care. This is what they call “estate recovery.” But guess what? If you’re selling your house while you’re still kicking, it’s none of their business.
For the cherry on top, any Medicaid benefits under the QMB program don’t come with estate recovery. So, Medicaid won’t come knocking for two reasons. One, you’re very much alive and selling your house, so the state’s claim would be jumping the gun. Two, you’re under the QMB umbrella, so they won’t be knocking anyway.