Jenette M. Schwemler, PC

Asset Test in Illinois

Used when determining your eligibility for Medicaid benefits.

Filed in Estate Planning, Medicaid & Medicare, on July 18, 2017

When determining your eligibility for Medicaid benefits, all of your assets and income will be examined.  Your assets will be designated either exempt (not countable for determining eligibility) or non-exempt (countable for determining eligibility).

The following assets will be considered when determining your eligibility for Medicaid (non-exempt assets):

  1. all income including: SSI, dividends
  2. retirement accounts including: IRA’s, Keogh plans, pensions, 401(k) accounts
  3. bank accounts, CD’s, credit union accounts (and any of these types of accounts that are jointly held)
  4. assets held in revocable trusts
  5. investment accounts, stocks, bonds
  6. life insurance with a cash value over $1,500
  7. any asset that can be converted to cash

The following assets are not considered when determining your eligibility for Medicaid (exempt assets):

  • one motor vehicle (with certain restrictions)
  • life insurance with a cash value under $1,500
  • certain burial funds
  • federal tax refunds (for the year applying)
  • wedding and engagement rings
  • if single: $17,500
  • if married: $17,500 for nursing home spouse and $120,780 for community spouse

Contact

Law Office of Jenette M. Schwemler, PC
27764 Volo Village Road, Suite H
Lakemoor, IL 60073 MAP

Note: “House calls” and weekend appointments for initial consultations are available for a fee.
jenette@jms-attorney.com

    (815) 245-4665