Warning: Obamacare provision can endanger your legacy

If you thought you’ve heard all the bad news about Obamacare that you possibly could have, hold the phone!

Because this may be the most shameful part of all. And it’s buried deep in the fine print.

It can apply to anyone looking to buy marketplace insurance who is 55 to 65

Here’s the trap: If you’re currently uninsured, and without enough annual income to qualify for a health insurance subsidy, you may be bumped into the Medicaid program — without even knowing it.

And that can happen even if you own a home and other assets — it doesn’t matter what your net worth is. Your actual income is the determining factor.

And here’s the catch — a very big one.

Unlike Medicare, which is an actual insurance program for those 65 or older, this provision of Obamacare can be more like one of those reverse mortgages you see advertised on TV.

And, depending on where you live, if you use those benefits, you can probably forget about leaving an inheritance to your kids or grandkids.

That’s because your home state may have first dibs on those assets in order to get back the money it laid out for your medical expenses from age 55 on.

It’s called the “Medicaid death bill,” and while it’s been in effect for decades, there’s a new twist here. Millions who get health insurance under Obamacare may end up signing away their property rights and never even know it. So every time you get an X-ray, a bill basically gets sent to your grandkids in the future.

And that’s especially true if you apply online.

So if there’s any chance that you might be herded into one of these Obamacare Medicaid plans, you might want to consult with a lawyer to see if you can first shield your assets.

At least with an actual reverse mortgage, you can use the money however you want.

Sources:
“Medicaid’s death bill leaves homes, assets at risk” Shannon Mullen, February 16, 2014, Asbury Park Press, app.com