What Assets are Exempt for Medicaid purposes?
The following assets are not countable by New Jersey for Medicaid purposes:
- Home, regardless of value in case of a married couple, or up to $786,000 in equity for a single applicant. The home must be the principal place of residence. If single, the nursing home resident may be required to show some “intent to return home” even if this never takes place.
- Personal belongings and household goods. New Jersey does not take inventory of these items so basically ignores this category unless it is abused.
- One car or truck
- Burial spaces and certain related items for applicant and spouse.
- Up to $1,500 designated as a burial fund for applicant and spouse.
- Irrevocable prepaid funeral contract.
- Value of life insurance if death benefit is $1,500 or less. If total life insurance exceeds $1,500 in total death benefit, then the cash value in these policies is countable.
The value of resources which are not accessible to an individual through no fault of his or her own.