What assets are exempt from Medicaid?

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.