How much do I get to keep if I am applying for Medicaid?

Another very common inquiry regarding Medicaid in the State of Connecticut is "how much do I get to keep?"

The answer is that an unmarried person who applies for Medicaid long-term care services can only have $1,600 in countable (i.e. non-exempt) resources in Connecticut. Certain exemptions apply which can result in the applicant being able to keep a larger portion of their assets than $1,600, but this is the starting point.

Some exemptions include: certain pre-paid funeral and burial expenses, term life insurance, a vehicle, and personal effects that cannot be sold for value. A more comprehensive list may be provided in a subsequent article.

One of the biggest concerns that people have is how do I protect my assets above the $1,600 if I need long-term care services? There are several options that may be available depending on your circumstances. If you have questions about Medicaid rules in Connecticut, or if you would like to discuss asset protection in Connecticut with a CT elder law attorney, feel free to contact our office at (203) 651-5521, or learn more about the law firm by clicking here.