What Medicaid Considers Assets/Resources:

To qualify for Medicaid Benefits in a Texas Assisted Living Community or a Nursing Home, Medicaid looks at two (2) things regarding your assets and money. First, ALL of your and your spouse’s assets and second, the Applicant’s income. Medicaid puts assets into three (3) categories: Exempt, Countable, and Non-Countable.

Exempt assets are:

• ONE home (if homesteaded)
• One carLife insurance with less than $1,500 cash value
• Burial funds of $1,500 (less the amount of life insurance)

Countable Assets: For 2007, the ‘Community Spouse’ can keep up to $99,540 under certain circumstances. The ‘Community Spouse’ is the spouse NOT in a Nursing Home or Assisted Living Community. The ‘Applicant’ is the one who is applying for Medicaid.

Countable assets: Just about everything else you and your spouse own !!

• Cash                  CD’s
• Stocks                Bonds (including Savings Bonds)
• Mutual Funds      IRA’s (all types)
• 401(k)               Rental property
• RV’s                  Time Shares
• Notes                Antiques
• Cattle Horses (working, show and breeding stock)
• Livestock/Bloodstock
• Tractors, farm & ranch implements
• Oil, gas and water leases/rights
• Lottery winnings
• Life Insurance with over $1,500 cash value
• Money or property gifted to your kids within the last  60 months

Non-Countable Assets:

We turn Countable Assets into Non-Countable Assets. There is no limit on the amount you can retain once it has been exchanged for Non-Countable Assets. You can keep ALL of your money through proper Medicaid Planning !! You retain ownership and can receive monthly income.

Income:

The next thing Medicaid considers is the APPLICANT’S Monthly Income.

The 2007 monthly income cap for the Medicaid APPLICANT is $1,856 a month. Simply put, the person applying for Medicaid can not receive more than $1,856 a month to qualify. If the applicant has $1,857, just one dollar too much, they will be turned down for Medicaid assistance. However, (here’s the good news!!), I will refer you to an attorney who will set up the required Trust for your ‘extra’ income, and then you can qualify for Medicaid !! Medicaid Advisors does NOT set up Trusts, however we will refer you to attorney’s who are qualified to do this and their fees are reasonable. !!

To qualify for Medicaid, the Applicant MUST qualify both Asset/Resource wise and Income wise. If you only qualify by income, but have too many Assets/Resources, then you need to call me !!

Read About Single, Widowed, or Divorced Qualifications