What is an exempt asset according to Medicaid regulations?
- Exempt assets are not considered when attempting to qualify for Medicaid
- Exempt assets are:
- The home of any value, including the land on which it sits and adjoining property;
- Household goods and personal effects with a value up to $2,000;
- One wedding and engagement ring, and any items required by physical condition, i.e., prosthesis or wheelchair, or any value;
- One vehicle of any value if equipped for a handicapped person, or used to obtain medical treatment or used for employment (must be verified by a letter from a physician or employer); exemption limited to $4,500 in all other circumstances;
- Value of any burial space;
- Value of any burial plan if it is irrevocable; if it is not irrevocable, a burial plan of $1,500;
- Life insurance with a cash surrender value of $1,500
- Shifting (converting) countable assets to exempt assets is permissible. Examples include: making improvements to the home, purchasing an exempt vehicle, purchasing an irrevocable burial plan, etc.
