This series highlights the eligibility rules for Maine Medicaid (MaineCare) nursing home benefits and dispels certain myths the families that work with our office often hear.
Myth 2: I Have to Give Away Everything I Own to Get Medicaid.
The Truth: Certain assets are non-countable or exempt and are typically not considered when an individual applies for MaineCare benefits. Such assets include the following: the individual’s primary residence located in Maine with a value of $750,000 or less (as of 2019); one motor vehicle; personal belongings and household furnishings; up to $12,000 in a mortuary trust; $2,000 and an additional $8,000 in an interest-bearing account. There are also other, less common categories of exempt assets. An elder law attorney can determine which of your assets can be preserved and which must be -spent on long-term care.IRAs-and-401ks