Florida Medicaid Basics – Countable and Non-Countable Real Estate
When you need to turn to Medicaid for assistance in paying the costs of your long-term care, one of the things that you need to do is to divide your assets into Medicaid countable assets and Medicaid non-countable assets. The amount of your countable assets cannot exceed $2,000. When it comes to real estate, some real estate assets are countable assets and some are non-countable assets.
One type of potentially non-countable real estate asset is your homestead real estate. On the other hand, real estate that you own in your own name that is not your homestead can be potentially countable. However, this countable non-homestead real estate could become non-countable for Medicaid purposes if it is rental real estate. Rental real estate can be non-countable if it is producing an appropriate amount of rental income.
Non-homestead real estate that you hold in your own name can also be converted from countable real estate to non-countable real estate if it is put up for sale for an appropriate sales price.
Finally, if you own real estate with a joint owner who refuses to sell the real estate, that real estate can potentially be classified as non-countable real estate. This jointly owned real estate can be non-countable because the refusal by a joint owner to sell means that the real estate cannot be converted into cash that can be used to pay your long-term care bills.
These are just a few examples of the many rules that come into play when classifying real estate as a countable or non-countable asset for Medicaid qualification purposes.