What assets are considered for Medicaid qualification?
The Asset test separates your assets as countable, non-countable or unavailable for Medicaid purposes. Listed below are just a few examples of how your assets will be divided: COUNTABLE: Bank Accounts Money Market Accounts Individual Stocks Mutual Funds Life Insurance Cash Value (over $2,500) Vacant land Privately Held Business Individual Retirement Accounts NON-COUNTABLE: Personal Residence Primary Automobile Secondary Auto over 6 yrs old Certain Annuities Rental Property (Income only) Life Insurance C. V. (Under $2,500) Burial Plot Household Goods The above list is not all inclusive, but provides an example of how someone with assets could still qualify. A major challenge for Medicaid applicants is repositioning their countable assets to non-countable assets in order to fall below the allowable asset limit. There are provisions to preserve those assets by following Medicaid guidelines.
