Countable Assets:  What Must Be Spent or Protected

All other assets are generally non-exempt, and are countable.  Basically, all money and property, and any item that can be valued and turned into cash, is a countable asset unless it is one of those assets listed above as exempt. This includes:

• Cash, savings, and checking accounts, credit union shares and draft accounts

• Certificates of deposit

• U.S. Savings Bonds

• Individual Retirement Accounts (IRA), Keogh plans (401K, 403B)

• Prepaid funeral contracts which can be canceled

• Assets registered in a Revocable Living Trust

• Real estate (other than the residence)

• More than one car

• Stocks, bonds or mutual funds

• Land contracts or mortgages held on real estate sold

While the Medicaid rules themselves are complicated and tricky, it’s safe to say that a single person will qualify for Medicaid as long as she has only exempt assets plus a small amount of cash and/or money in the bank, not exceeding $2,000.00.

Some assets are neither exempt nor countable, they are Unavailable Assets and Medicaid.