Georgia Medicaid Asset Rules For Nursing Home
In order to determine your eligibility for Medicaid, we have to categorize your assets as countable and non-countable assets. Below is a break down
Countable assets:
Cash, checking and savings accounts, CD’s
Joint bank accounts
IRA, 401(K), 403(B), TIAA-CREF, and other retirement-type accounts
Life insurance cash values (if the total face value of all policies – other than therm insurance and burial insurance – esceeds $1500)
Annuities not yet in pay status
All autos beyond first car
Trucks, tractors, boars, machinery, livestock
Buildings and land that are not specifically excluded
Deposits individuals make with continuing care retirement communities CCRC
UNAVAILABLE ASSETS:
Certain types of assets are non-countable, because they are not legally accessible to the applicant or cannot be converted to cash:
An interest in someone’s estate, prior to distribution
A lawsuit file by the applicant, prior to the judgment
Real estate that cannot be sold because of a legal impediment
Jointly owned real property wholse sale would cause undue hardship, due to loss of housing, for the other joing owners(s), will not be required to be sold and will therefore be non-countable
Any other property right that cannot be liquidated
EXCLUDED ASSETS
Certain assets, while still available and accessible to the applicant, are nonetheless considred “excluded” or “exempt,” ie they will not affect their elgibility for Medicaid.
$2000 or $3000 CASH
Regardless of whether the Medicaid recipient is single or married, up to $2000 in cash or toher countabl eassets are exempt and may be retained by the recipient. In any mother where the assets exceed $2000, however, the Medicaid recipient could be disqualified and lose Medicaid coverage. Since that would cause the resident to lose all nursing home and medical coverage, that would be a very expensive mistake. The limit for a single person is $2000 and for a married party it is $3000.
HOME
There is a $595,000 exclusion. Under Federal Law, this may be increased to $893,000.
AUTOMOBILE
The first car is excluded.
Georgia Medicaid Asset Rules For Nursing Home
