In Maryland, the asset limit for long-term care Medicaid is $2,500 for an individual, and $3,000 for a married couple, as of 2023. This means that an individual or couple must have no more than this amount of assets in order to be eligible for long-term care Medicaid.
It is important to note that not all assets are counted towards the asset limit for Medicaid. Certain assets, such as a primary residence, personal belongings, and a single vehicle, may be exempt from the asset test. However, other assets, such as bank accounts, stocks, bonds, and second homes, are typically counted towards the asset limit.
In addition to the asset limit, Maryland also has a “lookback” period of five years, during which the state reviews an individual’s financial records to determine if any assets were transferred or given away for less than fair market value. If the state determines that any such transfers occurred during the lookback period, they may impose a penalty period during which the individual will be ineligible for Medicaid benefits.
It is important to note that the rules and requirements for long-term care Medicaid in Maryland can be complex, and may vary depending on the individual’s circumstances and the specific Medicaid eligibility category. It is recommended to consult with a qualified attorney or Medicaid specialist to determine your eligibility and navigate the Medicaid application process.
Click here to visit RELEP’s Elder Law and Medicaid webpage.