Exempt Assets

Exempt assets may be owned by either the community spouse or the institutionalized spouse and are not calculated when determining an applicant’s available resources.  The following are some of the exempt assets not counted when determining Medicaid eligibility for Florida’s Institutionalized Care Program.

Homestead

As long as the institutionalized spouse has an intent to return home, the applicant’s residence is not calculated as long as they have less than $500,000 in equity in the home.  The applicant’s ability to return home is not evaluated.  If a spouse, minor child or disabled child resides in the house, the applicant may have unlimited equity in the home.

Life Insurance

Whole life policies with a face value of $2,500 or less are exempt.  The Department of Children and Families will review the cash surrender value and any cash surrender value in excess of $2,500 will be counted towards the applicant’s permissible resource allowance.

Motor Vehicles

Two motor vehicles are exempt.  One regardless of age or value and the second one must be over seven years old.

Burial Plan

Both the Medicaid applicant and their spouse may have an irrevocable burial, funeral or cremation policy regardless of the amount.

Burial Fund

If there is no life insurance policy, the applicant and their spouse may have a designated $2,500 burial fund.

Personal Property

One wedding band and one engagement ring are exempt for both the Medicaid applicant and their spouse.  Other personal property is also exempt as long as it isn’t valuable art or jewelry.