Assets we’ll look at:
- Checking accounts
- Savings accounts
- Brokerage accounts
- Certificates of deposit
- Stocks and bonds
- Savings bonds
- Primary residence if applicant does NOT intend to return home (note that if equity is greater than $595,000.00, then applicant does not qualify for Medicaid)
- Real property, other than primary residence (with certain exceptions)
- Limited partnerships
- Cash value of life insurance if the total face value of all such policies is greater than $10,000.00
- Vehicles other than the one excluded vehicle
- Boats, unless it is your primary residence
- Recreational vehicles, unless it is your primary residence or your only vehicle
- Loans payable to applicant
- Deferred annuities and some immediate annuities, depending on how they are structured and the date purchased
- Retirement funds, generally
Excluded Asset Description:
- Primary residence if equity is less than or equal to $595,000.00 and applicant intends to return home
- Primary residence, regardless of equity, if spouse, child under age 21, or blind or disabled child of any age lives there
- One vehicle
- Life insurance with no cash value
- Life insurance with cash value if the total face value of all such policies is less than or equal to $10,000.00
- Irrevocable burial contracts
- $1,500.00 designated for burial expenses (revocable burial contracts, burial savings accounts, or life insurance policies)
- One burial plot per family member
Our suggestion: Never apply for Medicaid benefits for Long Term Care on your own. Seek professional help.
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