What types of assets are exempt from being counted in determining Medicaid eligibility?

In Washington, there are certain assets that are exempt from being counted when determining eligibility for Medicaid. These assets include: • Personal Property: This can include furniture, clothing, electronics, and vehicles. • Home Equity: If the applicant is a homeowner, the equity in their home is exempt and does not count towards their assets. • Retirement Accounts: Social Security, 401(k)s, IRAs, and other qualified retirement accounts are exempt from being counted when determining Medicaid eligibility. • IRAs: Individual Retirement Accounts, including Roth IRAs, are also exempt from being counted. • Burial Funds: Funds set aside for funerals and end-of-life expenses are exempt from being counted. • Life Insurance: Cash value of life insurance policies is exempt from being counted towards assets. • Assets Held in Trust: Assets held in trust, such as special needs trusts, are also exempt from being counted. In addition, Washington allows certain assets to be transferred before Medicaid application without affecting eligibility. These assets can be transferred to a spouse or family member or to a trust. It is important to note that eligibility can vary depending on an applicant’s individual situation, so it is important to speak to an experienced elder law attorney in Washington to determine which assets are exempt for their particular situation.

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What types of assets are exempt from being counted in determining Medicaid eligibility?

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