The time may be coming when people in Massachusetts need to start considering nursing homes either for themselves or for their parents. As people age, they may need additional help due to various health issues. They may no longer be in a position to care for themselves and family may not be in a position to provide the level of care that they need. Nursing homes can be a valuable resource so people receive the care and support they need.
They also can be costly and while private health insurance may pay for some of the expenses, private insurance can be expensive as well. That is why insurance through MassHealth may be a great option for many people. There are certain income and asset limitations that will disqualify people from being eligible for MassHealth. However, for MassHealth purposes, not all of people’s assets are counted when determining the total assets they own.
Noncountable assets for MassHealth eligibility
It is important to know what assets will not be counted so people can plan accordingly. According to The MassHealth Division of Medical Assistance, noncountable assets include, but are not limited to:
- People’s home, which is defined as their principle residence, up to a certain amount of equity. People can also exclude proceeds from the sale of a home as long as the proceeds are used to purchase another home to be used as their principle residence
- Assets of people who receive SSI
- Property that is essential for self-support
- Loans or grants that are not used for people’s maintenance
- Veterans’ payments
- Property held in Special needs trusts and a couple of other types of trusts
These exclusions will eliminate many pieces of property when determining eligibility, but there are many individuals and couples who own significant amounts of assets that will not be excluded. Without the proper planning, these individuals may not be eligible for the benefits that come with MassHealth.
As stated above, people living in Massachusetts may be able to plan for their eligibility and reduce their countable assets for eligibility determinations. This is a technical process that needs to be done correctly. Experienced attorneys understand the process and may be able to guide one through the process.