The list of Medicaid Countable Assets is complicated, and can leave many people scrambling to meet the requirement. The federal guidelines for this program are based on financial information, which means that those with higher incomes and assets may find themselves stuck with the bill for expensive care. Knowing what counts as an asset is essential in order to qualify for Medicaid. Here are some tips to help you meet the asset limit. These are just some of the things to consider.
If you own a home, you may have a mortgage. Your mortgage may be included in your total Countable Assets. Non-homestead real estate is non-countable, but you can still be eligible for Medicaid if you rent it out. You will also need to be able to prove that you earn the rental income necessary to stay in your home. The amount of money you earn from this property must be appropriate for the amount of support you need to receive.
If you are a homeowner, the equity in your home is not included. Non-homestead real estate is also countable, but you can convert it into non-countable assets. For example, you can convert your non-homestead real estate into a countable asset by using it as a rental. However, you can also use it as a second residence if you make sufficient rent payments. If you’re applying for Medicaid, you should be aware of how much cash you have on hand.
Other countable assets are your primary home and any other property you own. Your home, which is your primary residence, is exempt from the asset limit. Besides, you can give your spouse your old car, or sell it for a cheap price. If you have a second vehicle, it won’t be countable. If you have a life insurance policy, your death benefit won’t be considered. You’ll need to have a life insurance policy with a cash value of $2,500 or more.
Countable assets are cash and bank accounts, as well as stocks, bonds, and vacation homes. Other countable assets include commercial real estate, personal property, and mutual funds. You should also disclose any cash that you may hold in hidden accounts. Whether your assets are countable or not depends on your state’s rules. If you don’t have enough money to pay for healthcare, you may be able to live without the funds.
The assets that are countable are your cash, savings and checking accounts, as well as any investment or commercial property. A life insurance policy with an initial face value of $10,000 or more is not countable, but a participating policy with a dividend account is. Term policies and group policies are not considered countable. Some other assets are exempt, such as personal belongings, vehicles, and a car. In addition to cash, many other assets are exempt.