Medicaid countable assets are the assets included when you apply to see if you are eligible for Medicaid. The guidelines can be confusing, but we’re here to help.
Understanding Medicaid Countable Assets
Qualifying for Medicaid is based on need. This means that you can only have a particular amount of assets in order to be approved for the Medicaid nursing home benefit. To understand how these requirements for Medicaid work, you should first understand the guidelines for Medicaid countable assets and non-countable assets, also known as “exempt” and “non-exempt” assets.
At the Law Office of Paul Black, we have extensive experience guiding Medicaid applicants through the process and advising them on their options. Contact an elder law and estate planning attorney at our firm today or read on for more information.
Medicaid Assets Allowed
Countable assets are those that Medicaid will include in the total asset amount to identify eligibility. As mentioned above, the total amount of all countable assets cannot surpass $2,000 for an individual in the state of Georgia.
Generally, all money or property and any item that can be valued and turned into cash is a countable asset unless it is considered exempt, which our experts will discuss further below. Medicaid countable assets include the following:
- Life insurance policies — the cash value of a life insurance policy is counted as an asset if other assets have already reached the burial exclusion max.
- Bank and investment accounts, including stocks, bonds, mutual funds, inspecting accounts, cost savings accounts, certificates of deposit, money market accounts, and brokerage accounts.
- Other properties, including non-home property, any vehicles in excess of one exempt vehicle, recreational vehicles, timeshares, and investment properties.