Medicaid Asset Protection

The rules controlling the allowable asset resources can be divided into two situations:

• Married applicant, with their spouse living at home; and

• Single applicant.

For brevity, the scenario where two spouses both need nursing home care will not be discussed here, but we are happy to explain those rules during a free, no-obligation consultation with a licensed Florida attorney.

Married Applicant

A married applicant may have $2,000 and their spouse may have $109,560 of countable assets.  Certain assets (see below) are not counted when determining that number. 

Single Applicant

A single applicant may have $2,000 in countable assets.  Certain assets (see below) are not counted when determining that number. 

Exempt Assets

The following are considered exempt when determining asset values:

• Primary residence up to $500,000 in value;

• Primary vehicle and a second car older than seven (7) years (other than an antique or luxury car);

• Irrevocable burial contracts/plans;

• Certain retirement accounts or annuities (as long as they are paying monthly income based on the applicant's life expectancy);

• Rental real estate that is paying monthly income at a reasonable rate;

• Burial plot (one per person);

• Life insurance if face value for all policies is less than $2,500;

• Certain other property.

WARNING: An applicant may not transfer without compensation (gift) property to anyone other than his or her spouse for a period of three years prior to applying for benefits.  This period of look back is expanding to five years under the Deficit Reduction Act of 2005.  Should a transfer be made, a period of ineligibility will be assessed based on the value of the transfer.

Please do not hesitate to contact our office for a free consultation on your specific situation.  The information on this website is general in nature and does not cover every rule or possible factual scenario.