Exempt and Non-Exempt Resources
Exempt (not counted)
- Burial and Funeral Trusts if irrevocable AND the amount is tied to specific funeral or burial services.
- Home if any of the following live there: spouse, child under age 18, disabled or blind child, or if the recipient is expected to return home.
- Household furnishings
- Income-Producing Property if income is greater than expenses of ownership.
- Life Insurance if term insurance OR it has cash value and the face value is $10,000 or less AND the beneficiary is the recipient's estate or the funeral home.
- Personal Effects (excluding collections)
- Real Property in the sole name of the community spouse.
- Vehicle--one of any value if used for the recipient's employment, medical treatment, has been modified to accommodate a disability, or is for the community spouse; otherwise, $5,000 of the current market value.
- Cash value of life insurance (not meeting criteria to be exempt)
- Certificates of Deposit
- Series EE Bonds
- Money Market Funds
- Mutual Fund Shares
- Pension Funds (if option exists to withdraw a lump sum AND as long as employment doesn't have to end to receive the withdrawal)
- Real Property (if criteria for the home to be exempt is not met, then it must be offered for sale or rent at fair market value)
- Stocks and Bonds
Note: The asset protection earned by using Partnership policies is meant to protect the countable assets of the policyholder (since the exempt assets are not counted by Medicaid).