What married couples need to know about Medicaid assets

Married senior couples in Georgia who receive Medicaid benefits sometimes have concerns about how assets will affect them, especially if moving to a nursing home is necessary for one spouse. Since long-term care in a nursing home or assisted living facility is usually a significant expense, couples often seek coverage from Medicaid to ease financial burdens.

Single Medicaid recipients are limited to no more than $2,000 in assets. However, rules that apply to married couples when it comes to assets and eligibility for Medicaid coverage are different. The Medicaid qualification for assets for married individuals is based on the combined assets of the couple.

Since a couple is considered one unit, it doesn't matter which spouse owns all or most of the assets. Certain assets, including the couple's primary home, a life insurance policy without cash value and one car, are exempt or not counted by Medicaid. The healthy spouse is permitted to keep exempt assets.

For the purpose of determining assets for married couples, Medicaid will divide a couple's total assets in half. The healthy "community" spouse is permitted to keep half up to just below $121,000. Anything over that amount must be spent down to the acceptable level. Some couples consider divorcing to avoid issues with Medicaid although this solution is only beneficial if there is a valid prenuptial agreement that clearly states who owns what.

Divorce doesn't have to be the only option on the table in order to meet Medicaid eligibility when one spouse needs nursing home care. There are certain legal maneuvers that may help couples legally meet Medicaid income and asset requirements. An elder law attorney can provide financial planning advice to couples dealing with possible issues with combined assets so that they can find a solution for their situation.

No Comments

Leave a comment
Comment Information

Upcoming Workshops

3 Easy Steps To Protect Your "Stuff" This workshop addresses frequently asked questions and common misconceptions on Wills & Trusts, Asset Protection, Nursing Home Issues, and Medicaid Qualification.

Join Now! More Workshops

Call Us Today To Schedule A Consultation

We are ready to help you start planning. To schedule an initial consultation, call us at 770-822-2723 or 866-735-9628. You may also contact us online.

ESTATE PLANNING LAW GROUP OF GEORGIA,

Johns Creek Office
11555 Medlock Bridge Road, Suite 100
Johns Creek, GA 30097

Toll Free: 866-735-9628
Phone: 770-822-2723
Fax: 770-573-3379
Map & Directions

Lawrenceville Office
1755 North Brown Road, Suite 200
Lawrenceville, GA 30043

Toll Free: 866-735-9628
Phone: 770-822-2723
Fax: 770-573-3379
Map & Directions

map

How can we help you?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close