Will withdrawing a 401k make my parent lose Medicaid?
Pulling money from a retirement account counts as income or assets that can push an aging parent over Medicaid limits. The look-back period and withdrawal rules make it easy to accidentally jeopardize their healthcare coverage just by processing the paperwork.
What people tried
Every workaround mentioned in the threads below. We haven’t tested any of them — and nobody here is claiming they worked.
- 1asking for help on online forums
- 2looking for a fee-based fiduciary financial planner
- 3consulting an elder law attorney
In their words
Unedited, most upvoted first, each linked to the thread it came from.
“He retire and on Medicaid don’t want him to lose it because of his age of look back”source ↗
“He on Medicaid and don’t want to jeopardize it as of now he don’t have access to it”source ↗
“Hi there i am trying to withdraw my dad 401k retiarement account he turning 65 next month how do i process the paperwork”source ↗
Where this came up
People with this problem also raised
- 3Why can't I withdraw money from my 401k for financial hardship?
- 4Is a small 401k loan a bad idea for cash flow?
- 3When is the best time to do a retirement account rollover?
- 5What do I do with an inherited IRA?
- 3Should I lower my retirement contributions to save for a house?
- 3How to handle 401(k) contributions and employer matches when changing jobs