Currently, the asset limits for a single or widowed Medicaid applicant in Illinois and Missouri are the same, $2,000. But, that will soon change in Missouri as they will begin increasing their limit by $1,000 per year until the asset limit reaches $5,000, then it will be indexed to inflation. These limits affect the non-exempt assets you […]
What you can and can’t keep with Medicaid: Tangible Personal Property
Both Illinois and Missouri draw the same distinction between what tangible personal property is and what luxury personal property is when it comes to Medicaid eligibility and determining what falls under the set asset limits for each state and what doesn’t. The good news is tangible personal property, or necessary items, is exempt from the asset […]
What you can and can’t keep with Medicaid: IRAs and Other Retirement Assets
Having IRAs and other retirement assets can give us peace of mind that we have provided for our future, usually offering us great tax benefits, as well. But, when it comes to Medicaid eligibility, these retirement assets aren’t looked at the same way. Specifically in Illinois and Missouri, IRAs and other retirement assets are treated […]
What you can and can’t keep with Medicaid: Farm Land – Part B
In last week’s video, What you can and can’t keep with Medicaid: Farm Land – Part A, we learned that farm land can be treated as an exempt asset, when determining Medicaid eligibility, if it is considered as part of your residence. But, this isn’t the end of the story. There are other circumstances that can […]
What you can and can’t keep with Medicaid: Farm Land – Part A
When determining Medicaid eligibility, there are many rules about which assets you are and aren’t allowed to keep. Many of us own a residence, but what if you own farm land? As it turns out, farm land can be treated as an exempt asset if it is considered as part of your residence. So, how does […]
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