During 2010 and 2011, the amount of Countable Resources that a married couple could own to be eligible for Louisiana Long Term Care Medicaid if one of the spouses went into a nursing home (Institutionalized Spouse) and the other spouse continued to reside at home or in the community (Community Spouse) could not exceed $109,560.
For example, let's say Grandma and Grandpa own a home, a car, and they have $100,000 in the bank. If Grandpa goes in the nursing home and Grandma continues to live at home, Grandpa will be eligible for Medicaid so long as he meets all of the other eligibility requirements.
Today, new regulations were issued by the Louisiana Department of Health and Hospitals which increased this "Community Spouse Resource Allowance" from $109,560 to $113,640 for Medicaid applications in 2012. Click here to see the schedule.
While the home property is an exempt asset for Medicaid, it appears that there is a limit on the amount of equity in a home that is exempt. While I can't find a reference to Schedule Z-2300 anywhere else in the Medicaid Manual, it was revised to indicate that $525,000 in home equity is exempt for 2012 - up from $506,000 in 2011. Click here to see schedule Z-2300.
If you or your family have between $100,000 and $750,000 in assets you want to protect from nursing home expenses, and you want to avoid nursing home poverty, give us a call from anywhere in the state at 866-491-3884.