Elder Law Attorney
Nursing Home Planning

Top Nine Medicaid Exemptions in Ohio

People always ask us which assets are exempted from Medicaid. Here is a quick list of the most commonly exempted assets:

  1. Primary Residence: In many cases, the primary residence is exempt from Medicaid asset calculations, provided the Medicaid applicant or a relative lives in the home. However, Ohio Medicaid Estate Recovery may still apply.
  2. Personal Belongings: Personal items such as clothing, furniture, and household goods are typically exempt from Medicaid asset calculations.
  3. One Vehicle: In Ohio, one vehicle is exempt from Medicaid asset calculations if it is used for transportation of the Medicaid applicant or a family member.
  4. Prepaid Funeral and Burial Expenses: Funds set aside for funeral and burial expenses are exempt from Medicaid asset calculations, if the funeral plan is irrevocable.
  5. Life Insurance Policies with a Low Face Value: Life insurance policies with total face values under $1,500 value are sometimes exempt from Medicaid asset calculations.
  6. Certain Retirement Accounts: Qualified retirement accounts, such as IRAs and 401(k)s, are often exempt from Medicaid asset calculations if they meet specific criteria.
  7. Income-Producing Property: A business that generates income, may be exempt from Medicaid asset calculations if it meets specific criteria.
  8. Assets of a Non-Applicant Spouse: Medicaid rules often protect a certain level of assets for the spouse not applying for Medicaid, known as the community spouse.
  9. Certain Types of Trusts: Special Needs Trusts that meet specific criteria may be exempt from Medicaid asset calculations.

Every case is unique, so it is best to discuss your individual concerns with a Medicaid attorney to help guide you through the process.

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Moshe Toron

Moshe Toron focuses his practice in the areas of Elder Law, Medicaid Planning, Nursing Home Planning, and Estate Planning. He works with families to help them address their long term care needs, such as applying for Medicaid Nursing Home benefits.

This post is for informational purposes only and should not be used as legal advice. Please consult an attorney for individual guidance.

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