Medicaid programs in Connecticut have several requirements, such as income and residency. Some of these programs may also come with asset requirements, which help to weed out those who may fall under the income guidelines, but who could realistically pay their own medical bills if they gave up some of these assets.
Limits
Each Connecticut Medicaid program has its own asset limits or lack thereof. For example, families that have children do not have an asset limit to meet. Aged, disabled or blind individuals must meet an asset limit of $1,600 as of 2010.
Types
All assets owned by you must be disclosed during the application process. This requirement includes assets that are jointly owned by another person and yourself.
Categories
Many categories of assets must be reported, including investments such as socks, bonds and certificates of deposit; bank accounts, both checking and savings; the cash value of any life insurance policies you may have and any other property of value.
Exemptions
Your home is not considered in your asset limit as long as you live in it as your primary residence. For those entering a nursing home, the home you own may be counted if you are not expected to return to your home or you do not have a spouse or dependent using the home as a primary residence. Your burial plot and some burial funds may also be exempt.
Transfers
Transferring assets to qualify for this program can lead to penalties. Each transfer situation will be investigated and penalties may be applied depending on when you made the transfer, who you transferred assets to and how much money you may have received from the transfer.
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