Important Facts About Medicaid: Resource (Asset) Rules

These are general federal and Georgia guidelines. The specific rules in your state may differ somewhat.

In order to be eligible for Medicaid benefits a nursing home resident may have no more than $2,000 in countable assets.

The spouse of a nursing home resident, called the community spouse, is limited to the first $109,560 (Georgia; $66,480 for South Carolina) of the couple's joint assets (in 2010) in countable assets. The $109,560 figure changes each year to reflect inflation.

All assets are counted against these limits unless the assets fall within the short list of noncountable assets. These include:

• (1) personal possessions, such as clothing, furniture, and jewelry;
• (2) one motor vehicle, no matter whether married or single;
• (3) the applicant's principal residence. BUT REMEMBER THE ESTATE RECOVERY PROGRAM IF YOU DO NOT PLAN FOR THE HOUSE!
• (4) prepaid funeral plans and a small amount of life insurance; and
• (5) assets that are considered inaccessible for one reason or another.