I already have Medicaid and plan to spend 186,000 on a condo. Will it be ok?

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G

gqchen Asked March 2014

I already have Medicaid and plan to spend 186,000 on a condo. Will it be ok?

(own saving 80thousand plus 100thousand owe from friend) My family came USA since 2001,we are low income family and currently have medicaid cover,we rentingan apartment in New York City, so far we save money from tax return every year in total 80 thousand,and we planning borrow 100 thousand from our friend and relative to buy 2 of old condo in jersey city as investment. My question is are there any conflict when we are low income family using Medicaid and borrow money for investment? thanks a lot!

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score 0 · Answer 1

Medicare and Medicaid are two different program....

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score 1 · Answer 2

How the heck are you on Medicaid? Your tax refund, probably with earned income credit, was exempt for probably 12 months, but I doubt the residual amount left over, saved for an extended period of time, would be exempt. Have you reported your assets on your renewal of eligibility? Didn't think so. You are probably committing Medicaid fraud. Gee, I guess it's great that the taxpayers are able to help you save up to make a cash purchase like this as an investment. Is this wrong? YES IT IS.

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score 0 · Answer 3

I agree Jessiebell....Aargh!!!

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score 1 · Answer 4

You have $80K saved and are on Medicaid? Someone must not be looking very closely. You are considering buying 2 condos in Jersey City, but want to continue your Medicaid? Why? And what does this have to do with caregiving? I sniff a troll.

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I already have Medicaid and plan to spend 186,000 on a condo. Will it be ok?

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