Understanding asset eligibility - Medicaid HUSKY C

In Connecticut, Medicaid is known as HUSKY Health. Each HUSKY Health coverage group follows state and federal guidelines to determine financial eligibility based on income and assets. This is referred to as the asset and income limit. While all HUSKY Coverage groups have income limits, HUSKY C (coverage for people who are aged, blind, or disabled) has an asset limit. Part of the financial eligibility requirements for HUSKY C is that your countable assets cannot be more than the HUSKY C asset limit.

If you plan on applying for Medicaid to help with your long-term services and supports and other health care needs, or planning for the future, this tool will help you understand your own assets and the asset limit for HUSKY C Medicaid so you can plan accordingly.

Use this tool for your own purposes. It will help you determine your asset limit and generally how much, if any, you have in excess assets, so that you can plan accordingly. After you’ve used this tool, see the Expense Tracking Tool.

* Indicates a required field.

$
$
$
$
If you receive care in home:
Total Assets: $
Your Asset Limit: $
Excess Assets: $
If you receive care in a nursing home:
Total Assets: $
Your Asset Limit: $
Excess Assets: $

If you continue living in your home, your home is not counted as an asset.

If you have accrued debt (mortgage, medical bills, credit card bills, etc.) you may choose to use your funds to pay off your debt. This may lower your total assets after the debt is paid off.

Choose your marital status:

Select the marital status that applies to you.

Your Asset limit varies based on your marital status and the type of Medicaid you apply for. Your asset limit is $1,600 if you are single and may vary if you are a married couple.

Is your spouse receiving Medicaid:

Select yes or no depending on your spouse’s status.

If you are married, the department will work with you and your spouse to determine your asset limit.

Some assets are treated differently depending on your marital status. If you have a spouse who lives in the community, you can protect part of your and your spouse’s combined assets. The amount you can protect is called the “Community Spouse Protected Amount” or “CSPA”. If your spouse is applying, or plans to apply in the future, we will review assets again at that time.

Annuities:

Annuities or a lump sum of cash converted into a monthly income stream:

Enter the sum or total value of all annuities you may have.

Annuities are evaluated both as assets if they are assignable or have not been annuitized, and as income if they generate an income stream to the beneficiary. The right to receive income from an annuity is (can be) regarded as a counted asset, whether the annuity is or is not assignable, (i.e. the income stream is a counted asset). The purchase of an annuity may also be considered as a transfer of assets if funds that had previously been available to an individual may now be unavailable. Do you have the ability to surrender the annuity? If yes, then it is still considered an asset.

Life insurance policies with countable cash value

Enter the total cash value of all life insurance policies that have a total face value that exceeds $1,500.

Life insurance policies such as term insurance policies, which provide temporary coverage but have no cash surrender value, are totally excluded, regardless of their face value.

The cash surrender value of life insurance policies for each spouse is excluded if the total face value of all such policies does not exceed $1,500.00. In computing the face value of life insurance, the Department does not count term insurance and irrevocable burial funds.

Real Estate:

Equity in any non-home property, in and out of the state, is counted. This includes life use, rental, vacation, Time Share, vacant land, other property right, burial plot (beyond your and your spouse's). To calculate equity use the following formula: 'Total home value' minus 'What you still owe' = Total equity of primary residence.

Other assets:

Enter the sum or total value of all other assets not included in the previous (3) fields.

Examples of assets: Second Home, Cash On Hand, Checking Accounts, Savings Accounts, Certificates Of Deposit, Credit Union Accounts, Money Market Funds, Mutual Funds, Treasury And Other Notes, IRA Or KEOGH Accounts, Stocks And Bonds, Trust Funds, Ownership In A Company, Promissory Mortgage Notes, Installment Contracts