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 $101,640 of the
couple’s joint assets (in 2007) in “countable” assets. The
$101,640 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.
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