2015 Medicaid Definitions & Medicaid Numbers You Must Know
Countable Assets—liquid assets such as real estate (equity in home over $552,000), bank accounts, securities, cash-in value of whole life insurance, deferred annuity balances, individual retirement accounts (IRAs), Keogh plans, trust assets, certificates of deposit, vehicles, boats, etcetera. Even if a penalty must be incurred to cash-in a resource (such as an IRA, annuity or certificate of deposit), it is deemed a liquid asset.
Maximum countable Assets that can be held in Medicaid Applicant’s (MA) name $2,000, although it is generally recommended that this amount be reduced to $0.00. Reasoning: many times this money is set up wrong and an unnecessary probate results.
Community Spouse (CA) is the spouse of the Medicaid Applicant (MA) [I prefer the term well-spouse as it is a less confusing term for the family to remember].
Maximum countable Assets that can be held in the name of the Community Spouse (CA) is $119,220.
Income Cap—when a Medicaid Applicant (MA) receives more than $2,199 a month in income a Qualified Income Trust is needed for the Medicaid Applicant (MA) to pass the monthly income test.
Minimum Monthly Maintenance Needs Allowance for the Community Spouse
(July 1, 2014 until June 30, 2015) is $1,966.25.
Maximum Monthly Maintenance Needs Allowance for the Community Spouse is $2,980.50.
Home Equity Interest Limit (Homestead) is $552,000.00 over that amount additional planning must be done to protect excess and gain Medicaid eligibility.
Standard Utility Allowance is $337.00 a month.
Excess Shelter Allowance (July 1, 2014 until June 30, 2015) is $589.88 a month.