How Does Medicaid Evaluate Assets?
Medicaid evaluates all your assets to determine whether you meet the state's financial criteria for eligibility. You are required to provide documentation of your assets during the Medicaid application process.
What if Assets Exceed the Allowable Limit?
If your assets exceed the amount allowed by Medicaid, your application will be denied. The state will tell you the amount of your excess assets.
You have the right to appeal the state's determination if you feel it was incorrect or you can reduce your assets to become eligible in the following ways:
- You may convert the funds to non-countable assets such burial arrangements.
- You may pay existing debts such as insurance and taxes.
- You may spend the money on your medical needs and day-to-day maintenance needs of yourself and your spouse.
Under Federal law, you may not reduce or transfer your assets to others (for example, your children) for the purpose of qualifying for Medicaid coverage of long-term care services. Doing so may result in a significant penalty period during which you are unable to receive Medicaid payment for long-term care services, even if your assets have been totally depleted.