Nursing home residents do not automatically have to sell their homes to qualify for Medicaid. However, that does not necessarily mean the house is completely safe from estate recovery. The state will likely put a lien on the house while the resident is living and then attempt to recover the ...
Learn More: Understanding Medicaid Lookback and Penalty Periods Long-Term Care and Medicaid Generally, there are two types of Medicaid coverage that apply to long-term care; Community Medicaid and Institutional Medicaid. Any senior who is in need of a nursing home level of care and who meets ...
Another way seniors are creating healthier lives is by living in their homes longer and opting to receive care at home. For many, this option reduces the stress of moving into a nursing home or assisted living facility. Aging in place also helps one retain a greater sense of independence. ...
In addition, Medicaid also has strict asset transfer rules. If you apply for Medicaid but transfer assets for less than market value, you will not be eligible for Medicaid for a certain period. (Learn more about the penalty period you could potentially face as part of Medicaid’slookback per...
The penalty period created by a transfer within the lookback period does not begin until the person making the transfer has: Moved to a nursing home Spent down to the asset limit for Medicaid eligibility Applied for Medicaid coverage Been approved for coverage but for the transfer ...