Medicaid rules permit some resources to be excluded that would otherwise be counted for purposes of determining Medicaid eligibility . A resource is money as well as something that you own and can turn into cash and is defined in 42 USC §§ § 1382b and 1396p(g). Examples of resources are property, stocks, bonds, and bank accounts. The value of your resources is one of the factors that determines whether you are eligible for SSI benefits. However, not all resources count for SSI and those are considered non-countable resources. Some examples of non-countable resources are:
- the home you live in and the land it is on;
- one vehicle, if you or a member of your household use it for transportation;
- household goods and personal effects;
- life insurance policies you own with a combined face value of $1,500 or less;
- burial plots or spaces for you or your immediate family;
- burial funds of up to $1,500 each for you and your spouse's burial expenses;
- property you or your spouse use in a trade or business, or on your job if you work for someone else;
- if you are disabled or blind, money or property you have set aside under a Plan to Achieve Self-Support (PASS);
- up to $100,000 of funds in an Achieving a Better Life Experience (ABLE) account established through a State ABLE Program.
[Last updated in July of 2020 by the Wex Definitions Team]