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.
Chayet & Danzo, LLC is a boutique elder law, estate planning, and disability firm representing clients throughout Colorado, including the cities of Denver, Aurora, Arvada, Boulder, Vail, Edwards, Aspen, Littleton, Centennial, Castle Rock, Wheat Ridge, Thornton, Westminster, Parker, Highlands Ranch, Cherry Hills, and Longmont, and throughout Denver, Arapahoe, Adams, Boulder, Douglas, Eagle, El Paso, Jefferson, and Summit Counties.
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