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Elder Law Office of David Wingate, LLC

Posts Tagged ‘countable assets’

What ia a Community Spouse?

Community Spouse, Community Spouse Resource Allowance (Minimum and Maximum), Monthly Maintenance Needs Allowance (Minimum and Maximum), Penalty Divisor, Resource Limit, Exempt and non-Exempt Resources — should you care what these terms are? Well, if you're part of a married couple and you're concerned about the possible need for nursing home care for you and/or your spouse, you should. The option for paying for the nursing home are discussed in our previous article “Who will pay for the nursing Home?” Let's start first with the average monthly cost of nursing home care is approximately $10,000 per month, i.e. $120,000 per year….

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“I have to give away everything I own before I can get Medicaid”

All Medicaid recipients are able to keep some of their assets and still qualify for benefits. The key is to understand what Medicaid considers a “countable” versus a “non-countable” asset in Maryland. For instance, a single person in Maryland can keep a few items, a specific type of pre-paid funeral plan, personal belongings, insurance up to $1,500 and up to $2,500. A married couple, one living in the community, and one residing in the nursing home can keep the same exempt assets plus an automobile, and their home, providing the home is under $500,000, and up to $109,560. However, it’s…

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