In this Elder Care Law Minute, Wes Coulson discusses what vehicles you can and can’t keep when applying for Medicaid.
Hi, I’m Wes Coulson from the Elder Care Law Group, the Saint Louis area’s premier elder law firm serving clients throughout the metropolitan area from our several offices, and this is your Elder Care Law Minute. Today, I want to talk to you about a question we get pretty often because it’s a very common question, and that is: If you’re applying for Medicaid, what vehicles can you keep and can you not keep?
Depends on a couple things. It depends on which state, Missouri or Illinois. And, it also depends on whether you’re married or single. In Missouri, each spouse of a married couple is entitled to have a vehicle without any particular limit in value. In Illinois, the spouse in the nursing home can only have a vehicle that has a limit of $4500 in value (that’s not much) unless it is used or equipped for medical transportation. In the case of a single applicant, the vehicle in either state is considered an exempt asset in the sense that they don’t require you to sell it as a condition of establishing eligibility. But, you also need to be a little bit careful because that vehicle is. when the person on Medicaid dies, going to be subject to something called Medicaid estate recovery, which means they can require the sale of the car to pay back Medicaid benefits that have been paid to you during your lifetime.
It’s a question I can answer a little bit straight-forwardly, but there are also some strategic considerations involved and as always, I’ll tell you that the best answer is to give us a call so that we can guide you through the process.
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The Elder Care Law Group is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Elder Care Law Group, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 932-5573 (MO), or Contact Us and we will get in touch as soon as possible.