No, some assets are not considered to be countable for Medicaid eligibility purposes. You can maintain ownership of your wedding ring, engagement ring, and any heirloom jewelry that you may have in your possession. One motor vehicle is exempt as well.
Your furniture and other items that you have around your house are not counted, and your personal effects are not considered. An applicant can have unlimited term life insurance, $1500 of whole life insurance, and the same amount saved for burial or cremation expenses.
A home is not a countable asset, but there is an equity limit that is well above the median cost for a single-family residence in the Memphis area.