Assets and Medicaid

If you are single and need Medicaid and/or Supplemental Security Income, or SSI, you must count up your available assets. If you have more than $2,000 you are not eligible for Medicaid or SSI. However, there are some assets which are not counted in determining your eligibility for Medicaid and SSI.

 

These exempt assets are:

 

  • your home;
  • your personal belongings and household furnishings;
  • your car or van;
  • income producing real estate. That annual income must (less expenses) equal at least 6% of your equity;
  • burial space items, such as a casket, burial plot, vault, headstone, and opening and closing the grave site for you or members of your immediate family;
  • up to $1,500 designated as a burial fund. This fund is to pay for funeral expenses not covered by the burial space;
  • irrevocable prepaid funeral contract which is for your expenses and is for less than $2,000;
  • life insurance if the cash surrender value is less than $1,500;
  • life insurance if you permanently transfer ownership so that no one can use the money from the insurance for anything other than your funeral expenses. This arrangement is frequently made by permanently transferring ownership to an irrevocable trust, when you purchased the insurance;
  • assets which you do not have legal right to dispose of, and
  • assets which you are unable to sell. The asset must have been up for sale for at least 30 days during the last three months. The asking price must not have been more than fair market value. You must not have received a reasonable purchase offer.

 

If you have questions regarding your assets and Medicaid or Supplemental Security Income, you can contact the Social Security Administration at 800-772-1213 or The Arc at 734-729-9100. You can also visit the Social Security Administration online at www.ssa.gov.

 

Phone code: 1302