What Medicaid Considers as Assets/Resources:

As a single person to qualify for Medicaid Benefits in a Texas Assisted Living Community or a Nursing Home, again Medicaid looks at two (2) things regarding your assets and income.
First, ALL of your assets and second, your income. Medicaid puts assets into three (3) categories:
Exempt, Countable, Non-Countable.

Exempt Assets are:

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

Countable Assets: For 2007, you are only allowed to have $2,000 of Countable Assets to qualify for Medicaid. If you have more than the ‘allowed’ $2,000, we will suggest a gifting plan that will best suit your needs and still qualify you for Medicaid.

Countable assets: Just about everything else you 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 or someone else, within the last 60 months

Income:

The next thing Medicaid looks at is YOUR Monthly Income.

The 2007 monthly income cap for the Medicaid APPLICANT is $1,656 a month. Simply put, if you are applying for Medicaid, your total income can not exceed $1,656 or less a month to qualify. If you receive $1,657, just one dollar too much, you 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, you 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 at 972-784-8400 !!

Unfortunately, if you are single, you options are not as varied as if you were married. However, we can help you, too!!

Read About Married Couples Qualifications