When applying for Medicaid, the state will look at what they call your “countable resources.” To qualify for Medicaid, an unmarried individual’s countable resources cannot exceed $2,000.00. If both spouses are applying for long term care nursing home benefits, then their combined countable resources generally cannot exceed $3,000.00.
When a couple is married and only one of them is applying for long term care Medicaid, all available non-exempt resources of both spouses will be counted as resources. This includes assets held in joint or individual names of the married couple. One half of the couple’s resources will be set aside for the spouse not applying for Medicaid, with a minimum set aside amount of $23,844.00 and a maximum of $119,220.00 (in 2016). There may be ways in which to increase the maximum amount that can be set aside for the spouse staying at home, but the strategies can be complex and should be discussed with an expert.
The Following Is A More Extensive List Of Exempt Assets:
- The principal residence of the Applicant up to a value of $552,000.00;
- A burial plot held for the Applicant or the Applicant’s family;
- Term or burial insurance, if it has no cash value;
- Identifiable burial funds in the amount of $1,500.00 or a prepaid irrevocable burial contract regardless of the value;
- One automobile is exempt, regardless of value;
- Household goods and personal items;
- Life insurance policies owned by the Applicant with total face values of $1,500.00 per insured person or less;
- Livestock and poultry that are held for business purposes or for consumption;
- Business property essential for self-support; and
- Non-business property valued at up to $6,000.00, essential for self-support (generally mineral interests).