If you’re asking Medicaid to help pay for nursing home care for a loved one, you’ll have to tell the state about everything your loved one owns. Everything. It’s the state’s job to determine whether they’re eligible based on the value of those assets that are considered countable resources.
A countable resource is, somewhat obviously, an asset which the applicant or their spouse owns that is counted when determining Medicaid eligibility. The state’s list is quite lengthy. As a general rule, an asset will be considered countable if it is cash (or cash-like) or can be converted into cash and used to pay for care.
But perhaps an easier way to determine if an asset is countable is to figure out if it fits in the much shorter list of non-countable (or exempt) resources. There are three most common non-countable resources: Term life insurance, irrevocable prepaid funeral plans, and a singer automobile. Your house could maybe be considered exempt under specific circumstances.
Determining whether an asset is countable can be highly technical and depends on a wide variety of factors. Fortunately, you’re not in this alone. Call our office at (712) 737-3885 and let us handle the minutiae while you spend time caring for your loved one.