Medicaid Policy                                                                 

501 What is an Asset?

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An asset is something someone owns that is worth money.  It includes real property and personal property. Assets are not counted for MAGI based programs.

 

1.   An item can never be both income and an asset in the same month, except as specified in section 512 relating to trusts.

 

2.   An asset includes any portion of income that remains in someone's possession after the month it is received.

 

3.   Countable assets include all assets that are available to the individual and are not exempt.  See Sec. 521 to see what assets are exempt.