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Hooper Law Office,LLC Estate Planning Blog

Monday, September 22, 2014

I am single. What is the limit of assets I can own and still qualify for Medicaid?

As a single person you must "spend down" your assets to a very low level before you are qualified to receive Medicaid assistance.  The amount you are allowed to keep is roughly $2,000.  Not included in this limit are certain exempt assets such as a modestly priced car, a small amount of life insurance, personal property and funds designated for your burial.

Your personal residence will not be counted in the asset limit if you have expressed the intent to return to your  home.  The government may place a lien on your home that will be paid when the house is sold.  There are ways to either defeat this lien or to minimize it, but this requires a thorough knowledge of the rules.  This is an area where you will definitely need expert legal advice from an attorney who concentrates in long term care planning.


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