An applicant may have only $2,000 of "countable assets" in order to qualify for Medicaid. However, if the applicant's monthly income is less than $743, they can keep $5,000 of assets. As of 2014, the community spouse may only have $117,240 of countable assets.
Examples of countable assets include:
- Savings Accounts
- Checking Accounts
- Money Market Accounts
Examples of Excluded assets include:
Burial Funds and Prepaid Funeral
Properly Structured Immediate Annuities
Ongoing Business Concerns
Those assets not classified as "countable assets" are referred to as "excluded assets" and are not counted by Medicaid.