What Are Countable Assets In Medicaid?
Gainesville elder and special needs attorney discusses what Countable Assets are in Medicaid.
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“What we help people with is the financial side. They’re going to look at your assets and your countable assets. Different things are categorized different by Medicaid. A countable asset is what they’re going to look at your bank account and count, so if you have $2,500, that’s too much if it’s just sitting in your bank. You’re only allowed to have up to $2,000. If you start out with, let’s say, $50,000, and you need to get on Medicaid, we can take $48,000 of that, purchase a rental-income producing property, and then we’ve turned what was a countable asset into an exempt asset because it’s a rental-income producing property. That’s exempt and not going to count against you.
The income from that property will end up going towards nursing home and your care, but the property itself is not going to be counted when they’re calculating the up to $2,000 that you’re allowed to have.”
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