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We have $100,000 in savings that we can't touch for several more years, yet we are really struggling to pay our medical bills. I have COPD and my husband is disabled due to a brain injury. I am on SS and he receives his disability every month. I am 72 and often hospitalized.

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Thank you.
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Yes the savings will exclude you from Medicaid. Talk to your account manager about how to access that money.
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If this is a CD, the penalty may be the interest, which may not be much. Savings accounts and CD interest is very low over the past few years. If there is a penalty perhaps you can pull out now what u need, as you need it. Is there a relative who would be willing to loan ypu the money, at the rate you are earning? If so, do it formally to prevent repayment from looking like a gift.
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It's an annuity that we are trying to build up. He does have a very small Ira we are thinking of closing. He is only 60. Will there be a large penalty?
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I am sure u can cash out, even with a penalty. The penalty depends on the annuity contract, they vary. Your parents will need to spend it down, and then may be eligible for Medicaid. Medicaid is a program, for the poor, so having assets makes you ineligible. The expectation is you spend they spend the vast majority (house exempt) before you can qualify.

Sounds like your parents were trying to save up, but their medical needs came sooner than expected.
Good luck to you.
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Thx.
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