✉news BusinessPersonal Finance first seen 10 h ago, last 5 h ago, peak #17
Grandpa, 78, Paid Off Grandson's $28,000 Student Loans and Faced Medicaid Consequences
Original: Grandpa Paid Off His Grandson's $28,000 Student Loans at 78. The IRS Charged Him Nothing, and Medicaid Charged the Family Three Months of Nursing Home Bills
A 78-year-old grandfather paid off his grandson's $28,000 in student loans, owing nothing to the IRS, but his nursing home's Medicaid eligibility rules counted the gift as income, resulting in the family being billed for three months of nursing home care. The story highlights how Medicaid's strict asset and income rules can penalize well-intentioned gifts from seniors on benefits, a trade-off many families don't anticipate.
Why now: It illustrates the little-known financial traps seniors on Medicaid face when giving money to family, a concern relevant to many households.
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