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What you can and can’t keep with Medicaid: Asset Limits – Married Applicants and Community Spouse Resource Allowance

When determining asset limits for Medicaid, married applicants have something unique available to them called the community spouse resource allowance. Basically, what that refers to is the amount of otherwise non-exempt assets that the rules allow the spouse who is not in the nursing home to keep. This is great news for Illinois and Missouri applicants, as it allows a lot of room for planning within the rules to get the best results.

In this Elder Law Minute, Wes Coulson, Illinois Elder Law attorney, continues with the series What You Can and Can’t Keep with Medicaid and explains the Medicaid community spouse resource allowance and discusses the asset limits for married applicants in both Illinois and Missouri.

What you can and can’t keep with Medicaid: Asset Limits – Married Applicants and Community Spouse Resource Allowance

Transcript:

Hello, I’m Wes Coulson and this is your Elder Law Minute. This is another in our series of presentations on the subject of what assets you can and cannot keep. Today I want to talk about something unique to married couples, and that is something called the community spouse resource allowance.

Basically, what that refers to is the amount of otherwise non-exempt assets that the rules allow the spouse who is not in the nursing home to keep. In Illinois, that’s a rather straightforward proposition. Illinois has by law been stuck in 2012, ever since you get to keep $109,560 worth of those assets.

The approach in Missouri is quite a bit different. The community spouse gets to keep half of the assets, subject to a minimum and maximum (that are subject to annual change). For 2017, that minimum amount is $24,180, the maximum is $120,900. It’s based on half of the amount that the couple had as of the applicant spouse’s first date of institutionalization. So, first day in the nursing home, or if he went directly from hospital to nursing home, first day in the hospital.

I’m telling you that those are the rules, but let me also tell you that there is a lot of room for planning within those rules to get the best possible result. Thanks.

For more information on Medicaid and Asset Preservation, visit these articles:

  • What you can and can’t keep with Medicaid: Asset Limits – Single or Widowed Applicants
  • Will transferring assets between spouses cause a Medicaid Transfer Penalty?
  • What’s the Difference Between Estate Planning and Asset Preservation Planning?

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Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.

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