To qualify for Medicaid, applicants must pass some fairly strict tests on the amount of assets they can keep. To understand how Medicaid works, we first need to review what are known as exempt and non-exempt (or countable) assets. Exempt assets are those which Medicaid will not take into account (at least for the time being). In general, the following are the primary exempt assets: Home, no matter what its value. The home must be the principal place of residence. Estate Recovery can place a […]
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The Basics of Medicaid…or…”What You Can and Cannot Keep”
In order to understand Medicaid qualification, you first need to know how Medicaid treats your assets. Basically, Medicaid breaks your assets down into two separate categories. The first are those assets which are exempt and the second are those assets which are non-exempt or countable. Exempt assets are those which Medicaid will not consider (at least for the time being). Generally the following assets are exempt: The home up to $585,000 in equity. For a married couple, the home must be the principal place of […]
Estate Recovery
Henry and Marge Smith have lived on their family farm in Kansas for over forty years. Recently, Henry suffered a stroke and was told by his doctor he needed nursing home care. “Finding a nursing home is not the problem,” Marge says when she comes to your office. “There is a nursing home in town where my parents lived for several years. Our family was very happy with the care they received. My concern is finding the money to pay for his care.” She starts […]