All other assets are generally non-exempt, and are countable.  Basically, all money and property, and any item that can be valued and turned into cash, is a countable asset unless it is one of those assets listed above as exempt. This includes:

• Cash, savings, and checking accounts, credit union shares and draft accounts
• Certificates of deposit
• U.S. Savings Bonds
• Individual Retirement Accounts (IRA), Keogh plans (401K, 403B)
• Prepaid funeral contracts which can be canceled
• Assets registered in a Revocable Living Trust
• Real estate (other than the residence)
• More than one car
• Stocks, bonds or mutual funds
• Land contracts or mortgages held on real estate sold

While the Medicaid rules themselves are complicated and tricky, it's safe to say that a single person will qualify for Medicaid as long as she has only exempt assets plus a small amount of cash and/or money in the bank, not exceeding $2,000.00. For a married couple, the spouse who is not a resident of a nursing home can keep the exempt assets and half of the countable assets, but no more then $109,560.00.

Of course, with further planning, as will be discussed in future posts, a single person can protect significantly more than $2,000 and a married couple can usually protect all of their assets.

Some assets are neither exempt nor countable, but rather are considered Unavailable Assets, which will be discussed in Part 9.