Content Overview
- Summary
- Transfer Assets For A Reason Other Than To Be Eligible For Medicaid
- Transfer Assets
- Set Up A Supplemental Needs Or Other Trust
- Invest In Your Home Up To The Legal Limit
- Transfer Your Home And Keep A Life Estate
- Make A Payment To A Continuing Care Retirement Community
- Make A Loan
- Purchase Items That Medicaid Doesn't Count
- Create A Medicaid Trust
- Purchase An Annuity ("Medicaid Annuity")
- Reduce Equity In Your Home
- Fund A Caregiving Agreement With Family Members or Friends
- Get A Divorce
- Ask A Significant Other To Move Out
- Move Out Yourself
- Pre-Pay Funeral Costs To The Extent Permitted By State Law
Medicaid: How To Plan Ahead For Long Term Care Coverage
Invest In Your Home Up To The Legal Limit
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Equity in a home only prevents you from receiving Medicaid if you have over $500,000 of equity (or up to $750,000 if permitted in the state in which you live. A home for these purposes includes a house, a condominium, a coop and a mobile home.
Exempt from the limitation are:
- Individuals who have a spouse.
- Children under age 21.
- Adult children with disabilities living in the home.
Subject to the maximum equity provisions in your state:
- If you don't own a home, you can buy one
- If you own one, you can put money into needed improvements or remodeling.
- If you have a mortgage, you can pay it down or pay it off entirely.
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