Can Medicaid Take Your Assets?
As long as you live in your home, and your equity interest (the value of your home in which you outright own by yourself) is under a specified limit, Medicaid cannot take it. In other words, it is not counted towards Medicaid’s asset limit, which in most states is $2,000.
Is your house considered an asset for Medicaid?
A home is not counted as an available asset in determining Medicaid eligibility as long as the recipient “expresses an intent to return home” from a nursing home or medical institution, regardless of how long he or she has been institutionalized or whether there is any reasonable expectation that the individual could …
How do I stop Medicaid from taking my house?
The best way to save your house from Medicaid recovery is by putting the house into an irrevocable trust. A trust protects the home because the individual no longer owns the house. The parents can also be protected from the children deciding it’s time for the parents to move out.
What assets are exempt from Medicaid?
For Medicaid, the exempt assets are basically the family residence, if you intend to return home, or if the healthy spouse is still living there. One car can be an exempt asset, prepaid funeral expenses can be an exempt asset as well.
How do I protect assets from Medicaid?
Consider Using a Trust. One of the most common ways to protect your assets is through the use of a trust. Using a trust could enable you to retain some control of your assets without having to spend them down before you use Medicaid.
What are the asset limits in order to qualify for Medicaid?
Among other stipulations, the Medicaid program has set strict asset limitations in order for an applicant to qualify. The asset limits differ depending on whether the applicant is single or married. A single individual applying for Medicaid is allowed $2,000 in non-exempt assets.
What is assets disqualify you for Medicaid?
Assets eligible for Medicaid consideration include: Checking and Savings Accounts – Any checking or savings account with your name or your spouse’s name count as an asset. Therefore, having a high amount of funds in those accounts could disqualify you. This includes long-term savings accounts or investments like CDs.