How Many Assets Can I Have and Still Qualify for Medicaid?

If you or a loved one might be needing long-term care in a Florida nursing home, understanding Medicaid eligibility is essential. Medicaid can help cover the high costs of nursing homes and other long-term care services, but it comes with strict income and asset limits. Knowing how many assets you can have and still qualify for Medicaid can help you plan effectively and protect your financial future. Learn more below about this critical issue, and contact Shalloway & Shalloway, P.A., for personalized advice and help from a skilled and experienced West Palm Beach Medicaid planning attorney.

Medicaid Asset Limits in Florida

In Florida, Medicaid is available to individuals who meet specific financial criteria. For 2025, the asset limits for long-term care Medicaid are:

• Single Applicants: You can have up to $2,000 in countable assets.
• Married Applicants (one spouse applying): The applicant can have up to $2,000 in countable assets, while the non-applicant spouse (community spouse) can retain up to $157,920 in assets (this figure is known as the Community Spouse Resource Allowance, or CSRA).

It’s important to note that these limits apply to countable assets. Not all assets count toward this limit, and understanding the difference between countable and exempt assets is critical for Medicaid planning.

What Counts as a Countable Asset?

Countable assets generally include:

• Bank accounts
• Stocks, bonds, and mutual funds
• Retirement accounts (depending on how they are structured)
• Cash value in life insurance policies over a certain amount
• Real estate that is not your primary residence

Exempt Assets

Certain assets are not counted toward Medicaid eligibility. These exempt assets include:

• Primary residence: If the applicant intends to return home, the home is exempt up to an equity value of $730,000 (for 2025).
• Personal belongings and household items
• One vehicle, regardless of value, if it is used for transportation
• Irrevocable funeral trusts

How to Protect Your Assets and Qualify for Medicaid

Qualifying for Medicaid doesn’t always mean spending down all your assets until you are under the asset limits. Employing the right legal strategies can help protect your wealth while ensuring eligibility. Some of these include:

1. Spousal Protections: Florida Medicaid rules allow non-applicant spouses to keep a significant portion of the couple’s assets and income.
2. Asset Transfers: Certain transfers, like moving assets to a spouse or a disabled child, may be permissible without penalties.
3. Medicaid-Compliant Annuities or Loans or IRAs: These can convert countable assets into an income stream, which might not count toward asset limits.
4. Irrevocable Trusts: Placing assets in a properly structured trust can shield them from being counted toward Medicaid eligibility.

The Importance of Medicaid Planning

Navigating Medicaid eligibility rules can be complicated. Mistakes can lead to costly delays or denials. Working with an experienced West Palm Beach elder law attorney can help you protect your assets legally, avoid penalties related to asset transfers, and ensure your estate plan aligns with Medicaid requirements.

Contact Shalloway & Shalloway, P.A. for Guidance in West Palm Beach

At Shalloway & Shalloway, P.A., we help Florida families plan for long-term care without jeopardizing their financial security. If you’re concerned about protecting your assets while qualifying for Medicaid, contact us today for a consultation. Our team is here to guide you through every step of the process and help you secure the care you need without unnecessary financial sacrifice.