[et_pb_section fb_built=”1″ theme_builder_area=”post_content” _builder_version=”4.22.2″ _module_preset=”default”][et_pb_row _builder_version=”4.22.2″ _module_preset=”default” theme_builder_area=”post_content”][et_pb_column _builder_version=”4.22.2″ _module_preset=”default” type=”4_4″ theme_builder_area=”post_content”][et_pb_text _builder_version=”4.22.2″ _module_preset=”default” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″]<\/p>\n
To qualify for long term care assistance from Medicaid, a senior applicant must establish both health and financial need.\u00a0 <\/span>Financial needs are determined based on both the income and the assets of the applicant.\u00a0 <\/span>Previously, I have addressed the limits on income.\u00a0 <\/span>Today\u2019s column is about Medicaid\u2019s asset limit.<\/p>\n Most people have heard that they can have only $2000 in assets to qualify for Medicaid assistance.\u00a0 <\/span>There is a nugget (but only a nugget) of truth to this statement.<\/p>\n It is true that, to qualify, a single individual is limited to $2000 in \u201ccountable resources\u201d (\u201cResources\u201d is Medicaid\u2019s term for \u201cassets.\u201d) A married couple may have $3000 in assets.\u00a0 <\/span>The key is whether those assets are \u201ccountable\u201d against the limit.<\/p>\n Perhaps the most significant \u201cnon-countable\u201d asset is the applicant\u2019s home.\u00a0 <\/span>An applicant can have equity in his\/her home of $750,000 and not one dollar of that will be counted against the asset limit.<\/p>\n Additionally, an automobile, regardless of its value, will not be counted against an applicant.\u00a0 <\/span>A healthy spouse is also permitted a separate automobile.\u00a0<\/p>\n Other non-countable assets include burial expenses (up to $1500), a burial plot, household goods, and personal effects.\u00a0 <\/span>Assets essential to allow you to support yourself are also excluded.\u00a0 <\/span>Possibly the most common example would be assets essential to conduct your trade or business.\u00a0<\/p>\n The retirement funds of a senior taking required minimum distributions are not counted against the asset limit (although the dispersed funds will be counted against the monthly income limit).\u00a0 <\/span>There may also be other assets which are not counted, depending on the circumstances of the applicant.<\/p>\n Despite what so many have been told, it is possible to have a significant amount in assets, and still not exceed the threshold of \u201ccountable resources.\u201d\u00a0 <\/span>Hopefully, a better understanding of these requirements will help seniors avoid making unwise decisions with their assets, and suffering potentially tragic consequences as a result.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" To qualify for long term care assistance from Medicaid, a senior applicant must establish both health and financial need.\u00a0 Financial needs are determined based on both the income and the assets of the applicant.\u00a0 Previously, I have addressed the limits on income.\u00a0 Today\u2019s column is about Medicaid\u2019s asset limit. Most people have heard that they […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[19],"tags":[20,65,88],"_links":{"self":[{"href":"https:\/\/wrightlawidaho.com\/wp-json\/wp\/v2\/posts\/377198"}],"collection":[{"href":"https:\/\/wrightlawidaho.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wrightlawidaho.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wrightlawidaho.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/wrightlawidaho.com\/wp-json\/wp\/v2\/comments?post=377198"}],"version-history":[{"count":2,"href":"https:\/\/wrightlawidaho.com\/wp-json\/wp\/v2\/posts\/377198\/revisions"}],"predecessor-version":[{"id":377200,"href":"https:\/\/wrightlawidaho.com\/wp-json\/wp\/v2\/posts\/377198\/revisions\/377200"}],"wp:attachment":[{"href":"https:\/\/wrightlawidaho.com\/wp-json\/wp\/v2\/media?parent=377198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wrightlawidaho.com\/wp-json\/wp\/v2\/categories?post=377198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wrightlawidaho.com\/wp-json\/wp\/v2\/tags?post=377198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}