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What qualifies as a hardship?

Income and necessary living expenses: The IRS compares your income against allowable living expenses, which include housing, utilities, food, clothing, transportation and healthcare. If your income barely covers or falls short of these basic expenses, you may qualify for hardship status.

What is considered a medical hardship?

Medical Hardship Withdrawal Examples: Severe injury or illness with prolonged recovery and/or ongoing close medical monitoring. Severe complications of a chronic medical condition. New diagnosis of a life threatening condition. Non-elective surgery with prolonged recovery.

What is considered proof of hardship?

Natural disaster (i.e. fire, flood, or human-caused disaster). Unexpected increases in necessary expenses or decreases in household income due to divorce/separation; unexpected or sudden disability; or caring for an ill, disabled or aging family member.

What is the Colorado medical Assistance Act?

12 Colorado Revised Statutes, Title 26, Article 4, Colorado Medical Assistance Act, Section 102, provides for a program of medical assistance for individuals and families, whose income and resources are insufficient to meet the costs of necessary medical care and services, to be administered in cooperation with the

What qualifies as a medical hardship withdrawal?

Hardship withdrawals are permissible in specific circumstances including the following: Medical costs not covered by insurance. Purchase of a principal residence. Post-secondary education.