Does my 68-year-old parent on Medicare need to complete the FAFSA differently?

doesnt matter if hes on medicare or not. wat matters is his income. if hes retired n only gets social security then ur probably gonna get good financial aid. just put his social security income on the form

Your dad being on Medicare doesn't change how you fill out the FAFSA, but his retirement status and age do impact several things. Here's what you need to know: 1. Medicare benefits are NOT reported on the FAFSA as untaxed income 2. His Social Security benefits ARE counted as untaxed income 3. If he has retirement accounts (401k, IRA), these count as assets but not income unless he's taking distributions 4. For parents over 65, there's an Asset Protection Allowance that shields some of their savings from affecting your aid eligibility Make sure to report all retirement income (pensions, Social Security, etc.) in the untaxed income section, but the Medicare itself is not reported.

Exactly! The withdrawals from the IRA count as income (if taxable), and the remaining balance counts as an asset. One more tip: if your father owns a home, report its value and any mortgage, but if it's his primary residence, it falls under the Asset Protection Allowance I mentioned and won't significantly impact your SAI calculation.

To clarify the confusion here: the previous poster is correct - the primary residence is NOT reported on the FAFSA as an asset. This is one of the most common mistakes families make. Regarding the Asset Protection Allowance (APA), it has been significantly reduced in recent years under the new FAFSA system, but it still exists in a limited form. For a parent who is 68 years old, there is still a small protection, though much lower than in previous formulas. The key things to remember for a parent on Medicare: 1. Medicare itself - not reported 2. Social Security income - reported as untaxed income 3. Home equity in primary residence - not reported 4. Retirement account balances - reported as assets 5. Retirement distributions - reported as income if taxable The age of your parent doesn't change the form itself, just potentially how the data is evaluated in your Student Aid Index (SAI) calculation.

Been thru this with my mom (70) last year. The Medicare part doesn't matter at all for FAFSA. But make sure you're filling out the right year's form! The 2024-2025 FAFSA uses 2022 tax info, and the 2025-2026 FAFSA uses 2023 tax info. If your dad retired in 2023, which form you're filling out makes a HUGE difference in the income they'll see.

I tried calling financial aid for THREE DAYS when I had questions about my mom's retirement income. Could never get through!!! Spent hours on hold each time before getting disconnected. The whole system is designed to be impossible to navigate.

Just to add ONE MORE confusing thing: if your dad is contributing to YOUR education from his retirement funds, that money becomes YOUR asset once he withdraws it for you! So weird, right? The gov't expects retired parents to drain their savings for their kids' college. The whole system is broken IMO.

That's partially correct. If your father withdraws money from his retirement account and gives it to you, and that money is in your name/account at the time you submit the FAFSA, then yes, it counts as your asset. Student assets are assessed more heavily than parent assets in the SAI formula (20% vs. around 5%). However, there's a simple solution: have your father keep those funds in his name until tuition bills are due, then pay the school directly. Money that's not in your account when you complete the FAFSA won't affect your aid eligibility. This is one of the most strategic aspects of FAFSA planning that many families miss.

just remember 2 submit by the deadline! my buddy missed it last year n got zero aid even tho his fam is broke

One more thing to keep in mind - since your dad just retired and is now on Medicare, make sure you understand how his health insurance premiums are handled. Medicare premiums that are deducted from his Social Security checks don't get reported separately on the FAFSA, but if he pays any supplemental insurance premiums out of pocket, those aren't deductible on the FAFSA either. Just wanted to mention this since I see a lot of confusion about health insurance costs for retirees. The main thing is getting his income and assets reported correctly, which it sounds like you've got figured out now thanks to everyone's help!