Wisconsin Medicaid Asset Requirements

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While Medicaid is a federal program, the states have extra options they can choose to offer. Similarly, each state has a different set of financial requirements that residents must meet in order to qualify for Medicaid benefits.

The Medicaid asset requirements for long term care Medicaid in the state of Wisconsin are as follows:

Asset Limit Criteria for Wisconsin Medicaid

$2,000 of Countable Assets for Individuals

In order to qualify for Medicaid in Wisconsin, you may only have a total of $2,000 in combined countable assets. The only assets that are not considered countable to the program are as follows:

● One house (the home you live in)

● One car (even if it’s a couple)

● A funeral arrangement (usually in a funeral trust or a prepaid arrangement from a funeral home)

● Household goods and furnishings (kitchen appliances, a sofa, a bed, etc.)

The Wisconsin Medicaid Requirements for Married Couples

$132,380 of Countable Assets for Married Couples

The Medicaid financial requirements for married couples are different than for individuals. For instance, if you are well but your spouse requires ongoing care, the Medicaid requirements change.

The spouse in good health (referred to as the “community spouse”) is allowed to keep up to $130,380 in countable assets. (Keep in mind that this amount changes each year to account for inflation and the cost of living—this figure is for the year 2021).

The community spouse is allowed to retain half of the countable assets so long as the amount doesn’t exceed $130,380. However, there is a minimum of $50,000, which means, for example, if your countable assets are worth $80,000 at the start, half of that is only $40,000, which is lower than the minimum amount. That means you will be able to keep $50,000 of your assets, even though that’s more than half of the amount of the countable assets you own.

The spouse who needs care is also allowed to keep $2,000 of countable assets in addition to the $130,380. That makes a total allowable asset count of $132,380.

There are also financial requirements regarding income and Medicaid eligibility. We will not discuss these requirements here.

If you have assets you’d like to protect from Medicaid someday, it’s a good idea to consult a skilled Wisconsin Medicaid planning attorney right away. You certainly don’t want to wait until it’s too late.

Contact our Medicaid planning attorneys today at (608) 344-5491 to schedule a case review. We are proud to serve Madison and Oregon, WI, Middleton, Verona, Sun Prairie, Janesville, and surrounding areas.

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