Tabor tax refund and Medicaid eligibility
Checks have been going out to the households of individuals who file taxes. You may have received yours already, and you may have questions.
Amy Heller, Benefits Program Manager with Developmental Pathways, would like to squash any questions or concerns around this money and how it impacts Medicaid eligibility.
Question--I got $750 (or $1500) as a tax refund, as part of the Taxpayer Bill of Rights (TABOR). Does Medicaid consider this countable income?
Answer—It does not count as income for Medicaid members.
Question— I got the TABOR tax refund. Does Medicaid consider this a countable resource/asset?
Answer—Yes and no. It is not considered a countable resource for the first 12 months upon receipt. However, if the money is still in an unsheltered account after the 12 months, and it puts the person over the resource/asset limit for Medicaid, then it could become an issue. Individuals are encouraged to spend the money, move it to a sheltered account, such as an ABLE account or approved Trust, or a combination of both or all three. We are not financial experts, so if they need more individualized assistance, please suggest they contact a financial advisor.