What are the financial requirements for eligibility for Medicaid nursing home care?
The basic requirements are for low income (as of January 1, 1998, less than $1,482 per month for an individual or $2,964 for a couple who are both on Medicaid) and very limited assets (called “resources” in Medicaidese) (less than $2,000 worth of “countable” assets for an unmarried person at this writing, but see below for couples). Those dollar figures are subject to frequent changes. Determining eligibility is further complicated by the fact that certain income and assets are exempt from the limits. For example, at present, exempt resources for an unmarried person (not counted in computing the minimum, presently $2,000 for an individual) include (among others) a homestead to which the applicant intends to return, any amount of term life insurance, an automobile to the extent it is worth less than $4,500, a burial contract or policy to the extent it is worth less than $1,500 (or an unlimited amount if it is nonrefundable), and a long list of other exemptions. For a married couple with
