Countable assets in relation to Medicaid long-term care refer to assets that are included when determining an individual's eligibility for Medicaid coverage for long-term care services. These assets are considered when assessing an individual's financial resources to determine if they meet Medicaid's eligibility requirements.
| Type of Asset | Description |
|---|---|
| Cash and Bank Accounts | Includes money held in checking, savings, money market, and other bank accounts. |
| Stocks, Bonds, and Investments | Includes investments in stocks, bonds, mutual funds, exchange-traded funds (ETFs), and other securities. |
| Real Estate | Properties other than the primary residence may be counted, except under certain exemptions. Investment properties, vacant land, and second homes are typically included. |
| Personal Property | Valuable personal items such as vehicles, jewelry, artwork, antiques, and collectibles may be counted above a certain value threshold. |
| Retirement Accounts | Accessible retirement accounts, such as Individual Retirement Accounts (IRAs), 401(k)s, 403(b)s, and pension funds, are typically counted. |
| Life Insurance Cash Value | Cash value of life insurance policies above a certain threshold may be counted. Term life insurance policies without cash value are usually excluded. |
| Other Assets | Any other assets that can be easily converted to cash and used for medical expenses may be counted, including trusts, annuities, and business interests. |
Medicaid eligibility rules can vary from state to state, including the threshold for countable assets. Additionally, there are exemptions and allowances for certain assets, such as the primary residence (up to a certain equity value), one vehicle, household items, and pre-paid burial expenses.
In many states, the primary residence is exempt from countable assets up to a certain equity value, which varies by state.
Typically, one vehicle is exempt from countable assets.
Furniture, appliances, clothing, and other household items are generally excluded.