Asset Exemption for Medicaid Planning
To qualify for Medicaid long-term care or nursing home benefits, you must meet certain income and asset limitations. The following assets are exempted, meaning they are not counted in determining eligibility for Medicaid:
Your home qualifies for the exemption unless your equity interest exceeds $543,000. Home equity is calculated by subtracting any debt on the home from its current market value. If you share interest in your home with another person, Medicaid only considers the value of your portion.
One motor vehicle, regardless of its age or type, is exempt. A second vehicle may also be exempt if it is more than seven years old. Certain luxury or antique cars do not qualify for the exemption.
Medicaid considers personal property exempt, except for certain valuable art and jewelry.
This exemption includes the total combined face value of all life insurance policies (except term policies) up to $2,000.
A burial plan for a Medicaid applicant is exempt up to $2,500. Irrevocable and prepaid plans are exempt at any amount.
IRAs, 401(k) plans, 403(b) plans
Depending on how you use your qualified retirement plan, it may be treated as either assets or income.
An experienced Florida elder law attorney can help you take the necessary steps to protect your assets and get the healthcare you need.