Many assets (“resources”) are exempt from Medicaid when there is a spouse at home

Medicaid is a combined federal and state program that pays for nursing home costs. The combined assets of spouses are available for the care of the ill or "institutionalized" spouse, regardless of which spouse owns the assets. However, many assets ("resources") are exempt from Medicaid when there is a spouse at home (the "community" spouse). The exemptions follow:      The home, up to a value of $500,000;     Up to $110,000 in resources;      One automobile;       Prepaid funeral and burial for applicant and spouse;      Household furniture, personal effects and jewelry with sentimental value;      Annuities paying out a monthly income naming spouse as…

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