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The state Medicaid program will not cover long-term care services for those with home equity above this limit, with certain exceptions. $713,000.00 Learn More
You may have heard the term “estate recovery” before and wondered what it meant. This is a process that can occur after a Medicaid recipient dies. Their state may attempt to recoup whatever benefits it had paid for their care from the deceased person’s estate. For most Medicaid recipients, their house is the only asset available.
What Is Medicaid? Medicaid is a public benefits program that provides health care coverage for low-income individuals, including seniors and people with disabilities across the United States. The federal government funds Medicaid, and each state administers its own program.
Planning for Medicaid and navigating the Medicaid application process can be daunting. For expert assistance, consult a qualified elder law attorney near you today. Access the 2024 Spousal Impoverishment Rules via the Medicaid website. Created date: 11/14/2023
In other words, the state Medicaid agency has the right to use your home as collateral if the estate is unable to pay the costs of the Medicaid recipient’s care. The state cannot impose a lien if a spouse, a disabled or blind child, a child under age 21, or a sibling with an equity interest in the house is living there.
According to the website, the Medicaid programs of Alabama, Kentucky, Louisiana, Maine, Pennsylvania, and Virginia are the only ones that provide no coverage of assisted living, although non-Medicaid assistance may be available. Nevertheless, the level and type of support varies widely from state to state.
Joint accounts can also affect Medicaid eligibility. When a person applies for Medicaid long-term care, the state looks at the applicant's assets to see if they qualify for assistance. While a joint account may have two names on it, most states assume the applicant owns the entire amount in the account, regardless of who deposited money into it.
Medicaid would not attempt to recover the home to pay for care. Contributing Beyond an Equal Financial Interest. If your mother contributes more than a third of the cost, the balance could be considered a transfer of assets. That’s not a problem if your mother waits at least five years (the lookback period) to apply for Medicaid.
Help Qualifying and Paying for Medicaid, Or Avoiding Nursing Home Care. There are ways to handle excess income or assets and still qualify for Medicaid long-term care, and programs that deliver care at home rather than in a nursing home. READ MORE
The lookback period for all transfers is 60 months, which means state Medicaid officials look at transfers made up to five years before your Medicaid application. How the Lookback Penalty Works While the lookback period determines what transfers will be penalized, the length of the penalty depends on the amount transferred.