Plan For The Future With Confidence

Plan For The Future With Confidence

Which assets are excluded for Medicaid eligibility?

| Feb 22, 2021 | Elder Law

Time does not stop for anyone in Maryland. Everyone continues to grow older and as they do, they may develop various health conditions. It could be various illnesses or they may suffer injuries which affect their ability move around. People may need help with their daily tasks or may need consistent medications throughout the day. It can become difficult for people to care for themselves and may need daily assistance.

People’s families and friends may not be able to provide the care and help they need though. In these situations, people may need to go into nursing homes to receive the proper care. Nursing homes cost money though and many people may not have the funds and resources to pay for it on their own. People may be able to obtain Medicaid to pay for the costs associated with the nursing home, but not everyone is eligible to receive Medicaid. There are certain financial requirements that must be met first.

Included assets for Medicaid eligibility

When making the determinations, one factor is the amount of assets that people own. There are a number of assets that are included in making this determination. These assets include, but are not limited to, checking and savings accounts, stocks, real property other than a primary home, motor vehicles over one and other assets.

Excluded assets for Medicaid eligibility

There are a number of assets which are excluded when calculating the asset totals for Medicaid eligibility as well. These assets include, but are not limited to, people’s primary residence, one motor vehicle, household goods and some personal belongings, life insurance policies less than $1,500 in value, burial costs up to $1,500, assets held in certain types of trusts and other assets.

There are many people in Maryland who require the extra care that they receive in nursing homes. Figuring out how to pay for the costs can be difficult, but many may be eligible for Medicaid. These determinations can be complicated and there are ways to plan for it. Experienced attorneys understand the eligibility requirements and may be able to assist.