Medicaid is, for many is the only long-term health insurance plan accessible. If your parent’s age is too old to move to a nursing facility except if they have significant assets, your parents (or you) are likely to have to work with the local Medicaid agency to seek financial aid for the nursing facility. This article will discuss the costs associated with nursing homes, the resources are required by the senior to cover these costs as well as what could be exempted to ensure that the expenses aren’t a complete burden on your parents or other relatives. You’d like to ensure that your elderly loved ones receive the care they need that Medicaid can cover while protecting the property your parents worked for their entire lives to purchase. Learn how you can preserve your parents’ property while also receiving the help that your elderly parent deserves.
Family members often hope that Medicaid will cover the health care expenses of their parents but don’t need Medicaid to take all of their parent’s assets and money to cover it. Certain family members transfer their the property from their parent’s name to someone else in order that Medicaid is unable to seize the property. Unfortunately, Medicaid has a policy that allows them to inspect any property your elderly parent owned over the past five years and acquire that property away from their new proprietor in order to cover nursing home expenses.
In many instances, the family home isn’t something Medicaid will accept in the event that the spouse of the other lives in the home of the family. If widows, Medicaid will not be able to take the family home in the event that the resident of a nursing home is able to subjectively decide to return home, even though there is no real likelihood of returning home. Most of the time the only thing needed to establish the intention of returning home would be for your aged parent or relative to submit an affidavit declaring that they intend to return home after regaining the health they once enjoyed. This will protect the home when your parent is in the nursing facility and, after the parent’s death, Medicaid will be able to take the house in order to collect the costs, unless appropriate steps were taken to prevent the possibility of it.
Sometimes, a simple method can be employed to stop Medicaid from getting your widowed parent’s house when they die. This strategy is called the life estate. It’s easy to implement. Along with the affidavit stating your subjective intent to return to your home, your parent has to make an additional deed to the house. The deed will transfer the property to the beneficiary in the event of the death of your parent. However, the parent still holds ownership of the house throughout their lifetime. When the deceased parent If the beneficiary takes action promptly to make the transfer of title to the home over to the beneficiary Medicaid generally won’t be able to take possession of the property. This is because Medicaid generally only intervenes an estate to acquire the property. The method described above will not cause probate.
This approach avoids the hassle of the five year look-back period, since your parent lives in the house throughout their lifetime and no transfer has occurred. It also avoids Medicaid using the home to cover the nursing home expenses of your parent when your parent passes away because there isn’t a probate estate to use for Medicaid to make a claim against.
Since Medicaid is managed by states and state, rules differ. It can become complicated quickly. Therefore , it is not recommended to take the information to give legal advice. Instead, you consult with an experienced lawyer with these issues.
In summary, you’ve read about the possibilities that your parents need care in a nursing home and the cost of such care, as well as the length of time your parent might require that treatment. It was also mentioned that the care is provided by your parents as well as Medicaid. Then you discovered how to prevent Medicaid from bringing the family home to cover the parents’ care.