The Assets Medicaid Considers “Available”

To qualify for Medicaid, you must meet certain requirements. Many of these requirements center on the assets you currently own and, in turn, whether you have too much.

Going over the assets Medicaid considers “available,” and speaking with a lawyer from Millhorn Elder Law Planning Group, will allow you to protect your estate from Medicaid.

What Is Medicaid? 

The definition of “Medicaid” is as follows: a medical assistance program that is financed by the state you live in, as well as the Federal government, so that low-income individuals have access to medical care.

A wide variety of different medical services are covered by Medicaid, some of which are as follows:

• In-patient hospital services.
• Nursing home services.
• Hospice services.
• Rehabilitative services.
• Out-patient hospital services.

If someone qualifies for Medicaid, they can use it to take care of many of their medical needs. But, in order to qualify for Medicaid, a number of different requirements must be satisfied.

Out of all the requirements that Medicaid entails, the two outlined below are some of the most significant:

• You must not own more than $2,000 worth of assets.
• You must not earn more than $2,829 every single month.

Our concern is the first requirement, which encompasses certain assets but, at the same time, does not count other assets. 

What Assets Does Medicaid Consider “Available?” 

The definition of an “available asset” is as follows: an asset that is accessible and capable of being used to pay for medical care, therefore potentially disqualifying someone for Medicaid.

The assets Medicaid considers “available” are as follows:

• Cash
• Bank accounts.
• Real estate.
• Trust funds.
• Retirement accounts.
• Jewelry
• Art
• Collectibles
• Investments.

Outside of the above, there are a number of other assets Medicaid considers “available.” But, the above are the most common.

The assets that Medicaid does not consider “available” are as follows:

• Your wedding ring/engagement ring.
• Your primary residence.
• Your car.
• Your household goods.
• Your personal items.

Other assets are also not considered “available.” But, the above are the most notable items that are not considered “available” and, as such, should be kept in mind. 

How Can You Protect Your Estate From Medicaid? 

The best way to protect your estate from Medicaid is to work with a lawyer who can help you.

A good lawyer will go over every single of your assets, while also looking at your wishes. By doing so, you can find an arrangement that protects all of your assets and allows you to use Medicaid.

The exact arrangement your lawyer will suggest, and help you employ, is dependent on two things: your assets and, in turn, your wishes.

Just as an example, if you don’t have too many things, then you could, perhaps, sell or transfer the majority of those assets. Or, if you have a lot of assets, you could find a way of giving many of those things to others.

No matter what, with the assistance of a good attorney, you can protect your estate from Medicaid, while also being able to make use of Medicaid. 

Speak With A Florida Medicaid Planning Lawyer Today 

If you would like to obtain Medicaid