Medicaid is a very beneficial program for seniors, especially those who need nursing home stays. Medicaid pays for an unlimited number of days in a nursing home or rehabilitation center. If you are likely to need help with day-to-day activities, or if you have serious medical conditions that need to be monitored, living in a nursing home is something you may need to consider in the near future.
However, Medicaid is a needs based program, which means if you have too many assets or too much income, you won’t qualify. But not all assets count against you. Here are three assets that don’t affect your Medicaid eligibility.
The home that you currently reside in cannot be counted against you when you apply for Medicaid. As your primary residence, it does not matter how much your home is worth, or if you no longer have a mortgage. However, if you have additional properties such as a summer home, vacation home, or hunting cabin, these will count against you because they are not your primary residence.
If you have only one vehicle, it doesn’t matter how much that vehicle is worth or whether you own it outright. One vehicle for your primary use is excluded when determining Medicaid eligibility. Any additional vehicles you own, including motorcycles and RVs, will count against you.
Although life insurance is a big payout for your beneficiaries upon your passing, most life insurance policies have little to no cash value. As long as your life insurance is a term life policy and not a whole life policy, it will not count against you. If you have a whole life policy, the cash value cannot exceed $1,500.
If you have additional questions about what assets you can have and still qualify for Medicaid, we can help. Contact us today to schedule your consultation.