Medicaid for the Elderly, Blind or Disabled

Program Income and Assets Limits

The following sections will explain how income and assets are counted for each Medicaid plan.

Job Income and Wages: This is earned income that you get from a job or employment. Usually this is the gross income that you earn in the form of wages or salary. It also includes net earnings from self-employment.

Other Income: This is income that you get from sources other than active employment. Examples include but are not limited to Social Security Income, annuity or trust, alimony/maintenance, pension or retirement, Veterans Benefits, etc.

Counted Income: This is your gross income minus allowed credits. Each Medicaid plan will describe what credits are allowed and how it is calculated.

Income Not Counted: Some of your income may not be counted when comparing your income to the Medicaid income limits.

Examples of income which is not counted include:

• Veterans Administration Allowances
  ◦ Aid and Attendance
  ◦ Unusual Medical Expenses
• Some payments to Native Americans.

Assets

Some Medicaid plans have different asset limits. The asset limits will be listed in each individual plan description. You must include assets you own owned jointly with any other person. Do not include the value of personal household belongings (televisions, furniture, appliances).

Examples of assets are cash, property or other holdings which can be converted to cash. The following are some examples of assets.

• Cash
• Savings or checking accounts
• Certificates of Deposit
• Life insurance policies
• Trust funds
• Stocks, bonds
• Retirement accounts
• Interest in annuities
• U.S. Savings Bonds
• Property agreements, contracts for deeds, time-shares, rental property, life estates livestock, tools, farm machinery
• Keogh plans or other tax shelters, personal property being held for investment purposes, etc.

For a complete list of counted assets, contact your agency.

Medicaid does not count some assets. Those not counted may include:

• One vehicle,
• Certain burial assets (including insurance, trusts funds, and plots),
• Tribal property,
• Clothing, and
• Other personal items.

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Last Revised: February 06, 2013