What is the Asset Limit for Medicaid in Missouri

To qualify for Medicaid in Missouri, there are limits on the resources, or assets, you can have. These assets include things like bank accounts, investments, real estate, and vehicles. The asset limit is set by the state, and it may change from time to time. In 2023, the asset limit for Medicaid in Missouri is $2,000 for an individual and $3,000 for a couple. There are some exceptions and exclusions to this limit, so it’s important to check with the Missouri Medicaid office to find out if you meet the eligibility criteria.

Medicaid Eligibility Criteria in Missouri

To be eligible for Medicaid in Missouri, individuals must meet certain financial and non-financial criteria. These criteria include:

• Income: Individuals must have an income below a certain level. The income limit varies depending on the type of Medicaid program and the individual’s circumstances.
• Assets: Individuals must have assets below a certain limit. The asset limit also varies depending on the type of Medicaid program and the individual’s circumstances.
• Age: Individuals must be a certain age to qualify for Medicaid. The age limit varies depending on the type of Medicaid program.
• Citizenship: Individuals must be a U.S. citizen or a qualified immigrant to qualify for Medicaid.
• Residency: Individuals must reside in Missouri to qualify for Medicaid.

In addition to these general criteria, there are also specific eligibility criteria for certain types of Medicaid programs. For example, pregnant women, children, and individuals with disabilities may have different eligibility criteria than other adults.

Individuals who are interested in applying for Medicaid should contact the Missouri Department of Social Services for more information. The department can help individuals determine if they are eligible for Medicaid and can assist them with the application process.

Medicaid Asset Limits in Missouri

Medicaid eligibility in Missouri depends on your countable assets and income. Individuals and couples may have up to specific asset limits to qualify for Medicaid in Missouri. Let’s understand the asset limit, exemptions, and allowances.

Medicaid Asset Limit in Missouri

The Medicaid asset limit in Missouri is $2,000 for individuals and $3,000 for couples. In addition to cash and investments, the state also considers real estate, personal property, vehicles, and life insurance cash value when determining your assets.

Exemptions and Allowances Under Medicaid Asset Limits

• Homestead Exemption:

  The value of your primary residence is generally excluded from your countable assets, up to a certain limit. The homestead exemption is $200,000 for an individual and $250,000 for a couple.

• Personal Property Exemption:

  You may have non-exempt assets valued up to $2,000 as an individual or $3,000 as a couple, which are excluded from your countable assets. This exemption may include personal belongings, such as furniture, appliances, and clothing.

• Vehicle Exemption:

  The value of one vehicle is excluded from your countable assets, as long as its value doesn’t exceed $6,000. If you have multiple vehicles, only the value of the vehicle with the lowest market value is excluded.

• Life Insurance Cash Value:

  The cash value of life insurance policies is generally counted as an asset. However, Missouri exempts up to $2,500 of life insurance cash value for an individual and $5,000 for a couple.

• Burial Expenses:

  You may set aside funds for your burial and funeral expenses, up to $2,500 for an individual and $5,000 for a couple. These funds are excluded from your countable assets.

• IRA and Retirement Accounts:

  IRA and retirement accounts, such as 401(k)s and 403(b)s, are generally excluded from your countable assets, as long as they have not been withdrawn.

Please note that these asset limits, exemptions, and allowances may change over time. It’s important to contact the Missouri Department of Social Services (DSS) or consult with an elder law attorney for the most up-to-date information before making any financial decisions.

Missouri Medicaid Asset Limit for Individuals

Medicaid is a government program that helps pay for medical costs for people with low income and resources. In Missouri, the asset limit for Medicaid eligibility is different for individuals and families. For individuals, the asset limit is $2,000. This means that if you have more than $2,000 in assets, you will not be eligible for Medicaid.

Assets That Count Towards the Limit

• Cash
• Bank accounts
• Investments
• Real estate (other than your primary residence)
• Personal property (such as jewelry, cars, and boats)

Assets That Do Not Count Towards the Limit

• Your primary residence
• One vehicle
• Household goods and personal effects
• Life insurance policies with a face value of $1,500 or less
• Burial plots and funeral expenses
• Assets in a qualified retirement account

Other Factors That Affect Medicaid Eligibility

In addition to the asset limit, there are other factors that can affect your Medicaid eligibility, including your income, your age, and your disability status. To find out if you are eligible for Medicaid, you can apply online or contact your local Medicaid office.

Missouri Medicaid Asset Limit for Couples

In Missouri, couples applying for Medicaid coverage must meet strict asset limits to qualify for benefits. These limits are intended to ensure that only low-income individuals and families are eligible for Medicaid. If your countable assets exceed the allowable limits, you may be ineligible for coverage. It’s important to understand these limits and how they apply to your situation before applying for Medicaid.

Missouri Medicaid Asset Limit for Individuals

• $2,000 for individuals
• $3,000 for individuals who are blind or disabled

Missouri Medicaid Asset Limit for Couples

• $3,000 for couples
• $4,500 for couples who are both blind or disabled

In addition to the asset limits, there are also income limits that couples must meet. The income limits are based on the federal poverty level (FPL). If your income exceeds the FPL, you may not be eligible for Medicaid. You can find more information about the income limits by visiting the Missouri Department of Social Services website.

Exempt Assets

Not all assets are counted towards the Medicaid asset limit. The following assets are exempt:

• Your home and the land it is on (up to a certain acreage limit)
• One vehicle
• Personal belongings and household goods
• Life insurance policies with a face value of less than $2,000
• Burial plots and funeral expenses
• Certain retirement accounts, such as IRAs and 401(k)s

Asset Transfers

It is important to note that transferring assets to family members or friends in order to qualify for Medicaid is considered fraud. If you are caught transferring assets, you may be denied Medicaid coverage or you may have to pay back the benefits that you received. If you need help planning for Medicaid, it is best to consult with an attorney or a financial advisor.

Table of Missouri Medicaid Asset Limits