Can my family lose medical insurance through the government if my husband cashes out his pension?
My husband lost his job and we’re down to nothing. I know it isn’t a good idea to cash out a pension but we have to feed the kids somehow. We’ve thought about cashing out his pension from his former employer but are worried the kids will lose medical insurance (medicaid) and the only job he has been able to find (his current job) is only part time so no medical insurance is offered. We live in Minnesota.
August 14th, 2010 at 9:34 am
It is possible. Any money that comes into the household has to be counted as income. If the pension is for a high amount,it may put you over the limit for medicaid. Call your case worker and find out for sure before you do it. Won’t pay to cash it out if you lose health insurance for your kids.