Will Medicaid Take My Home?
Will Medicaid take my home or will Medicaid take my house are two of the most common questions I get when someone is entering the nursing home and trying to qualify for Medicaid. This is understandable since people’s homes are obviously very important to them. Many times, the home is a persons most valuable asset. They do not want to lose their home if they apply for Medicaid and have to go into a nursing home to pay for their long term care costs.
Medicaid Does Not Actually Take Anything
It is important to understand that Medicaid does not actually take anything from a person who applies for Medicaid. Medicaid will just not pay unless you have spent all of your assets down to a certain amount. Medicaid has asset limits and will not pay if you have more than the limit. A single individual cannot have more than $2,000 in assets; a married person who is not going into the nursing home can keep one half of the total assets up to $128,420. Because of the assets limits, it is not uncommon for people to wonder will medicaid take my home.
Will Medicaid Take Your Home – No, but They Will Put a Lien on It
If you are married and your spouse continues to reside in the home, the home is exempt and you could qualify for Medicaid with no risk to your home. If you are single, on the other hand, you can still qualify for Medicaid, even you have a house, but Medicaid is going to put a lien on the home for any amount of money that they pay on your behalf. Then, when you pass away, Medicaid is entitled to be reimbursed for any amount of money they have paid for your care. The problem is that often the Medicaid lien will exceed the value of your home when you pass away. If so, then your family would not get any money from your home. There are ways to protect your home, but it takes advanced planning. If you have asked yourself “Will Medicaid Take my Home” you are not alone. This is a common concern for someone entering the nursing home.
We have helped many families protect their homes and other assets. Let us help you – call us today at 256 251-2137.