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
Move Out Yourself
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If you are not married, one way to avoid having another person's income and/or assets counted with yours is for you to move out and go stay with a friend or relative. Of course this is not a step to be undertaken lightly.
As a general matter, all that is necessary to prove your address is an envelope addressed to you at that address.
If you do move out, a reputable patient navigator in New York suggests that if you stay with someone else, name that person as "Head of Household." Otherwise, moving out can complicate things.
You can eventually move back if and when the need for Medicaid is resolved.
CAUTION: Saying you moved out when you haven't actually moved out can have serious repurcussions.
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