Are My Assets Protected If My Husband Has to Go on Medicaid?

Question:

My husband has no assets in his name; everything is in my name. His only income is Social Security. He has long-term care insurance that will last approximately six years. Would he be eligible for Medicaid at that point? (And are my assets protected?)

Answer:

It depends on how much you have. If you have a house, that’s protected. Your other assets are limited to about $150,000 (though some states only allow the spouse to keep half the combined marital assets up to $150,000). If you have more than $150,000 in assets other than your home, you may want to consult with a local elder law attorney. However, given your husband’s excellent long-term care insurance policy, there’s no rush to do so (assuming the rest of your estate planning is in order).

Read more about Medicaid’s protections for spouses in this article.