how to get Medicaid in your $5 million home

One of the interesting twists in Obamacare is how the income levels work – Subsidies are based on your adjusted gross income for the year, which excludes assets and some other things.  I have an example of a 62 year old client, whose husband is on Medicare, and she stopped working.  The site forced her onto Medicaid – which she clearly did not want.  Her income is technically below the 138% of the Federal Poverty Line, even though they live well and her husband has a nice income.

However, it is much more bizarre that that.  A recent blog on Fox news by Doug McKelway highlighted this issue very well:

“A case in point is a Virginia family, who asked to remain anonymous, but who came to Fox News with documents that demonstrate an apparent absurdity with Medicaid selection.

The father owns a $5 million house – entirely paid for. His kids attend expensive private schools. He owns three cars, but because he has earned his fortune and has stopped working , and his wife’s new start-up business has yet to produce an income stream, he is considered by the website to have no income.

The website put him on Medicaid. He protested in the website’s chat area. A screen grab of the dialogue reads: “Let 60 minutes show up in front of my 5 million dollars paid for house and tell America that this guy is on Medicaid and that the American people are paying for it!”

Whats a poor rich guy to do?