The goal is to preserve as many assets as possible and provide the maximum income for the spouse.
Crisis Medicaid Planning, What to do When You Need a Nursing Home Now
Medicaid is a needs based program. This means that people with excessive assets or income cannot qualify for Medicaid. For many, this will be the only government program that they will ever seek. (These are general rules in Oklahoma).
What Assets Count and Don’t Count?
These are things that you can own without becoming unqualified for Medicaid. Generally these are:
• Your home
• One car
• Household belongings
• Prepaid burial plans
• Family burial plots
• Term life insurance
• Whole life insurance with face & cash value below $1,500.
• Retirement accounts in payment status
Almost everything else is considered a resource that Medicaid look at to determine whether or not you qualify. This can include:
• Cash / Money Market Accounts / CDs
• Stocks / Mutual Funds / Bond Funds
• Nonresidential land
• 2nd or more cars
• Cash value in life insurance policies
• Income generating properties
Things you cannot have & qualify
Life insurance with cash value over $1500
Institutionalized individual with
More than $2,000 in countable assets or
Income greater than $4450
A married couple with excessive assets (those with more than $25,000 in countable resources need a plan)