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Medicaid Part 8 - Countable Assets

Posted by Andrew Byers | Jun 17, 2011 | 0 Comments

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.

About the Author

Andrew Byers

Andrew Byers' elder law practice focuses on the legal needs of older clients and their families, and works with a variety of legal tools and techniques to meet the goals and objectives of the older client. Under this holistic approach, I handle estate and longevity planning issues and counsel cli...

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Andrew Byers is an estate planning, elder law, and probate attorney in Troy, Michigan with 27 years of practical experience you can use to safeguard your savings and protect yourself. I strive to help my clients avoid and solve problems with clear, effective, and affordable legal services and counsel. I advise clients in Troy, Michigan and surrounding communities in Oakland County and the rest of Metro Detroit. Take the first step to obtaining peace of mind by contacting me using the online form or by calling (248) 469-4261.

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