INCOME
& ASSETS
Can
I have income and assets and still get Medicaid?
Yes,
if your income and assets are below the Medicaid limits you can get Medicaid.
See Income and asset limit chart.
What
counts as income?
Income
is earned income, such as wages from employment, or unearned income, such
as SSI, Social Security, unemployment compensation or child support. Some
income is exempt. This means that income, such as W-2 and Kinship Care,
will not count.
If
you have income from a job, the first $90 of your monthly income before
taxes (gross income) also will not count. For AFDC-Medicaid, an additional
disregard of $30 of your wages and 1/3 of the remainder for 4 months and
then, $30 for the next 8 months will be disregarded as income.
If
you are in school and receive student loans and grants or if you are a
high school student and have a job that income will also not count.
If
you are not certain whether you will qualify for Medicaid, you should apply
anyway.
How
will my wages from work count?
You
need to report your gross earned income (before taxes) from your job to
your caseworker. Report your hourly wage and the number of hours you work
per week. Give your caseworker your check stubs for several months, if
you can. If your hours change every week or if you work overtime in some
months, you must let your worker know. You and your worker must then agree
on a reasonable estimate of your monthly earned income, which can be an
average of income from several months.
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If you
believe your caseworker is counting too much income you should talk with
the caseworker and get it corrected or request a fair hearing. See
FAIR
HEARINGS .
What
is an asset?
An
asset is something you own, such as land, buildings, bank accounts, stocks,
bonds, most federal and state income tax refunds and certain life insurance
policies. Some loans, if available for your daily living expenses, also
will be considered an asset.
What
are exempt assets?
Your
personal belongings, the home you live in and some other assets, depending
on the type of Medicaid you are receiving, will not be counted.
Is
my car an asset?
Whether
or not your car will count depends on its value, whether you use it for
employment or to obtain medical care, and on the type of Medicaid for which
you qualify. In the AFDC-Related Medicaid program, one car is exempt.
Remember
that assets don't count for children and pregnant women in the Healthy
Start and OBRA Kids programs or for BadgerCare.
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