Excerpt of Article by ElderCounsel

Countable resources are those “assets” attributed to either an individual or married person who is applying for Medicaid. It is defined at 42 USC §§ 1396p(g) and 1382b:

• All income and resources of the individual and of the individual’s spouse, including any income or resources which the individual or such individual’s spouse is entitled to but does not receive
• Translation: Everything counts, and you or your spouse can’t waive the right to income or assets you are entitled to.

Examples of Countable Resources

• Checking accounts
• Investment accounts
• CDs
• Cash (yes, even that which is under the pillow!)
• Real property (other than the home)
• Boats, RVs

Some assets are excluded assets and not counted towards Medicaid qualification. Depending if your client is single, married, or had a dependent with special needs in the home, the home may remain exempt.  Exemption may also depend on what the home equity limit is in their jurisdiction. If the applicant is single, they also need to have an intent to return home. Each state has different requirements on what that actually means. Other excluded assets include one automobile, household goods, and a prepaid burial space.