Medicaid Qualifying Asset Eligibility?
There is a limit on the amount of Countable Assets that an Applicant may own and still qualify for Medicaid/Mass Health. Currently, the maximum dollar value that can be owned by, or available, to the Applicant is Two Thousand Dollars ($2,000.00) and a mothly income allowance of Sixty Dollars ($60.00). An Applicant who is over the Asset Limit needs to “spend down” to Two Thousand Dollars ($2,000.00) resulting in improvement, thus eligibility for Medicaid/Mass Health. If the applicant is married, they can transfer all of their assets that exceed Two Thousand Dollars ($2,000.00) to their spouse, but there are limits to their spouse’s assets as well. If the spouse lives in the community they are referred to as the Community Spouse. The Community Spouse is allowed to keep up to $92,760.00 of their combined assets. The spouse’s income is also counted. The current value set by the State of Massachusetts as the Community Spouse’s Minimum Monthly Maintenance Needs Alloweance is $1,515.00. If th
