What are non-exempt assets and exempt assets with Medicaid qualification?
Non-exempt assets are convertible to cash and can be used to pay for the long-term care or healthcare of the applicant. Most assets are considered non-exempt assets, and they are included in determining Medicaid eligibility. Federal and state Medicaid rules identify certain assets as exempt assets, and they do NOT count for determining the financial qualification with Medicaid eligibility. For example, the home can be considered an exempt asset, one car (per family) is considered an exempt asset, a funeral plan can be considered an exempt asset and there are other exempt assets. The Bell Law Firm will plan with a client and ensure they fully understand their mixture of exempt and non-exempt assets, then we will help the client better understand how all their assets will be evaluated with a Medicaid qualification. If there are ways a client can proactively plan to better protect those assets with their long-term care, then we will share these techniques and it is usually in the client’s
