Planning for long-term care can be an overwhelming task. To make the best decisions for your future, it helps to understand how Ohio Medicaid determines coverage and structures its eligibility rules.
Which assets does Medicaid count toward eligibility?
The state sets financial resource limits that applicants must meet. In order to determine if you are below the specified limit, Ohio Medicaid counts your liquid and accessible assets. Accordingly, the following assets are usually counted:
- Bank accounts
- Stocks
- Bonds
- Investment accounts that are not related to retirement.
Furthermore, real estate beyond your primary residence typically counts, including vacation properties or rental homes you own.
What assets does Ohio Medicaid exempt?
Certain assets receive protection under state rules and do not count toward limits. As a general rule, your primary home qualifies as exempt if you or your spouse lives there. One vehicle used for regular commute may stay exempt. Additionally, prepaid burial contracts may be exempt if they meet specific criteria, often requiring them to be irrevocable. Familiarizing with long-term care planning options can help you position assets properly while staying within program guidelines.
Planning your next steps
Ohio’s Medicaid eligibility lies at the intersection of healthcare needs and financial planning and it can be a challenging task to address. People often worry about making the right choices for themselves and their families. You can ease those concerns by consulting with a knowledgeable attorney, who can help you understand how these standards apply to your unique financial picture and what steps may protect your resources.