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What is a structured settlement?

Medicaid app, do i claim a structured settlement as income?

  • My boyfriend was in a car accident 4 years ago and receives a structured settlement from a lawsuit..on this medicaid application do i enter his settlement as a income..Also he gets it direct deposited every month..but it goes into an investment account? do i also need to claim that?

  • Answer:

    Yes, all household income must be declared, whether earned or not. Depending on the amount, he may not qualify for Medicaid. Yes, he must declare every source of income and every bank account for social services. It sounds like he has too much income to qualify. If he is over 21 he must be disabled to qualify also. You cannot hide bank accounts or investment accounts. If he falsifies the application when they find out even if it is a few months from now, he will be penalized and even prosecuted for fraud.

Mkay at Yahoo! Answers Visit the source

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I believe the answer is yes. Apparently there are ways to avoid this happening but they would have need to been done when they are setting up the settlement. There would have been a medicare set aside or a special needs trust. Also any income he is receiving on the money invested would have to be reported.

dawn_19026

Yes. It is income.

Ann

It is income, you need to claim it.

Casey Y

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