In order to be eligible for Medicaid, a single person can only have $2,000.00 in cash or countable assets, and a married couple can only have a combined $3,000. Countable assets include such items as bank accounts, joint bank accounts, stocks, bonds, mutual funds, life insurance cash values, and certain property. Thus, if you have more than the asset limit, you would not be eligible for Medicaid.
Yet, many people who are receiving Medicaid benefits have assets that appear to exceed the asset limit, such as a house or a car. How is this possible? Well, under the Medicaid rules, certain assets are not countable assets, such as a principal place of residence (up to $572,000 in equity), personal property in the home, one automobile, property used in a trade or business, some burial insurance, and burial space.
Medicaid also has a monthly income limitation, which in Florida is currently $2,250. If the person exceeds this amount, the person would not be entitled to Medicaid benefits, unless the excess of that money is placed in a Qualified Income Trust, which is also known as a Miller Trust.