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What assets are exempt from Medicaid?

On Behalf of | Feb 14, 2020 | Medicaid Planning |

For many Atlanta area residents planning for long term care is important. Long term care, including assisted living and other skilled nursing care is extremely expensive and a person can run out of money quickly. Planning ahead for long-term care can be beneficial for a family because of the costs associated with such care. Medicaid is one area that a family may want to learn more about.

For many families, qualifying for Medicaid to pay for long-term care is the ideal situation. But in order for Medicaid to pay for this important care there are income and asset requirements. Many assets are counted against a person and can affect their eligibility for Medicaid. The assets that are counted include checking and savings accounts, financial accounts, property other than a primary residence, and additional vehicles. Property that is exempt from Medicaid eligibility include a person’s primary residence, personal property and belongings, one motor vehicle, life insurance under $1500, finances of up to $1500 for burial.

Qualifying for Medicaid can be important for a family who needs long-term care. A legal professional who is skilled in Medicaid planning can help a family who is in a situation with a loved one who needs additional care. An attorney can review the family’s situation and offer solutions that make sense for their loved one. Planning ahead for long-term care can help a family conserve and protect their assets.

Qualifying for Medicaid can be tricky when it comes to long-term care. Planning ahead for this life change with a qualified attorney can be an important step.