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Medicaid: How To Plan Ahead For Long Term Care Coverage

Reduce Equity In Your Home

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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.

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