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Medicaid
Unmarried Persons Resources: A person who is not married may retain $4,150 in assets. He/She may also have a "burial fund" of up to $1,500 - a bank account that is payable only upon presentation of a death certificate. The person may also have arranged for a pre-paid funeral by placing money in a special irrevocable account. There is no limit on the amount that may be set aside. After death, however, if the entire amount is not spent, any remaining balance is payable to Medicaid if it provided assistance while the person was alive. Income Allowed: The person is also allowed to retain $50 per month from her/his Social Security payment as a "personal needs allowance." If the person has Medicare supplemental insurance, Medicaid allows it to be continued. Money from the Social Security payment each month is used to pay the premiums. Otherwise, after subtracting the $50 allowance and any money used for a supplemental insurance plan, all of the person's remaining Social Security, pension and other income goes to the nursing home to help pay the monthly bill. This amount is called the "Net Available Monthly Income (NAMI)." Medicaid then pays the nursing home the remainder of the amount due to the nursing home.
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