When you apply for Medicaid long-term care benefits, there are asset and income restrictions that must be met before you can qualify for the benefits.
When you apply, ALTCS, Arizona’s Long Term Care System, will look at all assets held in the applicant and spouse’s name, including accounts or others assets held jointly with other people. There are some assets that are not counted such as your primary residence with up to $500,000 in equity, one car, personal belongings, life insurance with no cash value, and life insurance with a cash value up to $1500, just to name the most common.
All income received in the applicant’s name is counted. This includes pensions, VA benefits, and social security.