Asset Exemption

Asset exemption refers to certain valuable possessions or resources that are protected and not counted when determining eligibility for financial assistance or benefits. Essentially, these exempt assets—such as a primary home, a vehicle, or retirement savings—are kept out of the calculation to ensure individuals aren’t unfairly deprived of support or benefits due to assets that are necessary for their everyday life. This helps individuals retain essential assets while qualifying for programs like social assistance, Medicaid, or other government aid. The exempt assets vary depending on the program and jurisdiction.