“I have to give away everything I own before I can get Medicaid”
All Medicaid recipients are able to keep some of their assets and still qualify for benefits. The key is to understand what Medicaid considers a “countable” versus a “non-countable” asset in Maryland.
For instance, a single person in Maryland can keep a few items, a specific type of pre-paid funeral plan, personal belongings, insurance up to $1,500 and up to $2,500. A married couple, one living in the community, and one residing in the nursing home can keep the same exempt assets plus an automobile, and their home, providing the home is under $500,000, and up to $109,560.
However, it’s important to have an Elder Care Law attorney review your financial situation before you apply for benefits. Because, one mistake can cost you thousands of dollars.Tags: countable assets, elder care attorney, insurance, medicaid, nursing homes, prepaid funeral