Michigan Medicaid provides health insurance coverage to low-income families and individuals. In addition to meeting the income criteria to qualify, you must not exceed the maximum amount of countable assets. Individuals are allowed $2,000 in countable assets. Families or couples are limited to $3,000 in assets. Fortunately, not all assets are countable. Cash, bank accounts, stocks, bonds and IRAs are not exempt. Those applying for nursing home Medicaid that possess more than the allowed assets, are allowed to spend down assets under Michigan Medicaid law.