Does your IRA count for Medical Assistance?

And the way that I describe this is if you have the legal authority and actual ability to use the assets or convert it into cash, then that’s an available asset. So if you can reach in and you can take the account and you can distribute it, then that’s an asset that counts for qualifying for medical assistance. Now, many times people think that retirement accounts are something that would not be considered an available asset. But in Minnesota, an IRA or a pension that has not been turned into a monthly income piece, those are assets. If you can take the money out, even if you have to pay a tax penalty, even if you have to pay income taxes for taking it out, that is a countable asset for determining whether you’re eligible for medical assistance.

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