What assets are excluded from the Florida Medicaid eligibility asset test?
A. Homestead – The home is excluded if the spouse, or certain dependent relatives, continues to reside in the home, or the applicant intends on returning to the home. Vehicle – One vehicle of any age may be excluded, along with a second vehicle if it’s over seven years old, and not an antique, luxury or custom model. Life Insurance – If the total face value of all of the policies exceeds $2500, the cash value would be considered an asset. If the total face value of all of the policies is less than, or equals $2500, then the cash value would be excluded as an asset. Burial Funds and Prepaid Funeral Contracts – In an irrevocable burial contract, the full value is excluded regardless of the amount. There is also a $2,500 exclusion of funds designated for burial expenses. A new bank account (e.g. John Smith Burial Account) may be established for this purpose. In addition, one burial plot is permitted for each family member. Personal / Household Goods – These are items within the home such
