Countable Asset in Medicaid
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What exactly is exempt from Medicaid as a countable asset? The answer is really quite simple: anything that is a non-countable asset is then a countable asset. I am not trying to be funny or clever, but it is easier is to define all assets as countable, except for the non-countable. So what does Medicaid consider as non-countable. Well, essentially it is critical assets of your life that you need in order to survive, such as your home, car, and retirement monies. Pre Paid Burial contracts are also non-countable (because Medicaid does not wish you to become a burden to your family).
There are certain limitations to the non-countable assets. The home must have equity less than $552,000 (value minus any existing mortgage is equity). The car could have any amount of value, but then keep in mind the issue of Estate Recovery. Finally, the retirement account (401K, Roth, Pension, etc) must be under regular monthly distribution.