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
Reduce Equity In Your Home
Next » « Previous12/17
If the amount of equity in your home exceeds the state's limit, you can reduce your equity by taking a home equity loan or a Reverse Mortgage.
The income will be counted against Medicaid eligibility requirements. However, you can use the money to pay for nursing home care or otherwise spend down the money. For example, you can use the money to add ramps or refit bathrooms to accommodate a wheelchair. Home equity can also pay for in-home assistance.
Before you consider a Reverse Mortgage, consider the expense involved in obtaining one.
Note: married couples are exempt from the ceiling if one spouse remains in the house and Medicaid can recover the cost of any nursing home care from the sale of the house once both spouses die.
Get Your Personal Guide
Please share how this information is useful to you. 0 Comments
Post a Comment Have something to add to this topic? Contact Us.