Medicaid Eligible: Lamb Estate Law Firm, L.L.C
Non Countable Assets (one Person)
- Home up to $752,000 equity
- Life Insurance w. Face Value up to $10,000
- Pre-Paid Funeral, if irrevocable, up to $10,000
- Cemetery plot
- Vehicle
- Up to $2,000 in liquid assets
- Ordinary home Furnishings
- Personal belongings
Many of you find the Medicaid maize daunting. I hear again and again that a loved one spent all that they
had on nursing home care. This occurs because people fail to plan for disability and underestimate the cost.
Most do not know that assets can be protected and preserved while qualifying for Medicaid to pay the nursing home.
Preferably, we work with couples to preserve assets and protect these assets well in advance of entry to a
nursing home. If this occurs all assets can be protected.
However, sometimes people are entering a nursing home with no pre-planning, in which case, we engage in crisis planning. With many skilled nursing homes costing around $8,000 per month, any percentage of assets we can preserve in the crisis planning inures to the benefit of the patient and his or her family.
The above list shows “non-countable” resources when a single person is applying for Medicaid. One may
own these assets and qualify for Medicaid. Any additional assets will render one ineligible. This is the reason that pre-planning is important. Most people have more than $2,000 in their bank account. For a couple, with one spouse remaining in the home, additional allowances are made.
Uncompensated transfers (gifts) within sixty months (5 years) prior to making the Medicaid application will result in a penalty and one will not immediately qualify for Medicaid.
There are many rules applicable to Medicaid planning. Call us to pre-plan and protect your assets
