What is the maximum cash amount a person on Medicaid can have in the bank and what expenses can this money can be used for?

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Are you allowed to keep $14,500 in savings?

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If you do a computer search for Medicaid eligibility for your state, all of the rules for assets and income will be identified.
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The short and sweet answer is - no.

You are allowed $2,000 in assets, and the home you live in and ONE car are exempt.

In order to be approved for Medicaid, you will be required to "spend down" the savings and all other assets until you have only the $2,000, home and car mentioned above. You can use it on the care provided for the person that will be covered by Medicaid or for their personal needs. Don't spend it on anything else, and document every penny spent.
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