Everything that you own is not considered to be a countable asset for Medicaid purposes. However, the limit on countable assets is $2000 for an individual applicant. At this point we should provide a rundown of assets that are not considered to be countable, and we will start with the biggest one. Your home is not looked upon as a countable asset, but there is an equity limit. This limit is increased every year to account for inflation, so it could be slightly higher next year, but in 2015 the limit is $828,000.
Topics covered in this report include:
- Medicaid Asset Limit
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Mark S. Eghrari is an attorney in private practice in Smithtown, New York. He has been in practice since 1988. Mark S. Eghrari provides extensive estate and tax planning services to individuals and businesses. Mr. Eghrari’s primary focus is helping clients avoid probate, minimize or eliminate Federal and State Estate taxes and protect their assets from the high cost of nursing care, if they become ill.
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