Who Pays for My Home After Im On Medicaid?
The home is one of the biggest assets you are allowed to own and still qualify for Medicaid coverage of your nursing home bills. Under recent federal law effective Jan. 1, 2006, the equity in your home will be completely exempt from counting against you for Medicaid eligibility purposes, if your equity does not exceed $500,000. (Under the federal law, each state has the option of adopting a higher exemption, up to $750,000.) In addition, if your spouse continues to live in the house, it will be exempt no matter how much it is worth. But let’s say your home is exempt, and you are in a nursing home. Must you sell your home? No, it will almost always remain exempt, even after you move into the nursing home, so long as you have the “intent to return.” This intent can be expressed either by you (the person in the nursing home who is receiving Medicaid) or by a family member. Of course, if your spouse is living in the home, it will be exempt no matter what your “intent” may be. But what if y
