In North Carolina, an applicant for Medicaid is allowed only $2000 in countable assets. The applicant’s spouse is allowed to keep one half of all the couple’s countable assets, up to a maximum value of $119,220 (2015). Countable assets are those that are included in these allowances. Any non-countable assets can be kept and do not count toward the $2000 or $119,220. Examples of non-countable assets include:
- Primary Residence (in most cases; certain requirements must be met)
- Household goods and person items
- One vehicle (the one of highest value)
- Term life insurance
- Irrevocable burial contracts
- Some annuities
Most all other assets are countable, including:
- Money in checking and savings accounts
- Certificates of Deposit
- Stocks & Bonds
- Ownership interest in a business
- Real property other than the primary residence
These lists are not exhaustive, and there are many details that must be considered in determining countable versus non-countable assets. It is advisable to consult an elder law attorney prior to making transfers or purchases in anticipation of applying for Medicaid.