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future nursing home
- Thread starter Randy52
- Start date
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Just Blue
Senior Member
Sure...You can sell it for the appraised value.
FlyingRon
Senior Member
As JustBlue points out, if you sell at a reasonable valuation, then that's fine. The proceeds, however, become as attachable as anything else for Medicaid recovery when you die.
You want to be VERY CAREFUL about disposing of assets in this situation. You could jeopardize your eligibility for the benefits or you may find Medicaid able to claw back some of your transfers.
I suggest you talk to an elder law attorney about what you can do. There are certain things you are allowed to do with your assets while maintaining Medicaid eligibility. In addition, at this stage of your life, you probably want to be looking into wills, possibly trusts, and certain other documents such as advance medical directives (a document that states what your intentions are in case you are incapacitated with regard to your medical care), and durable and medical powers of attorneys (to help your relatives deal with your affairs in case you are incapacitated.
You want to be VERY CAREFUL about disposing of assets in this situation. You could jeopardize your eligibility for the benefits or you may find Medicaid able to claw back some of your transfers.
I suggest you talk to an elder law attorney about what you can do. There are certain things you are allowed to do with your assets while maintaining Medicaid eligibility. In addition, at this stage of your life, you probably want to be looking into wills, possibly trusts, and certain other documents such as advance medical directives (a document that states what your intentions are in case you are incapacitated with regard to your medical care), and durable and medical powers of attorneys (to help your relatives deal with your affairs in case you are incapacitated.
commentator
Senior Member
Okay, "going to a nursing home" is sort of something you really do not have the capability to predict. Are you thinking that you will soon need to go into some type of assisted living? Nursing homes come in rehab and skilled nursing flavors. There's not really any way you can predict when you might need either of these services. If you're just getting to the point where you will not be able to stay in your own home, you would be looking at some sort of facility living. If you do need rehab or suddenly, due to a health crisis need to be in a skilled nursing facility, you may be covered by Medicare for a certain period of time, though this time is quite limited.
In any situation, you are supposed to self pay for your medical care as long as you are capable of doing so. If you need skilled nursing care and are not able to pay for it, your state's Medicaid program will get involved. The facility will want you to self pay until you have totally exhausted your ability to self-pay. This would include any assets in your bank account, any property you own. Yes, if your children had recently purchased your property, and paid you say $70,000 for your property, (fair market price) they'd probably get to keep the property even if you are being certified for Medicaid, but the agency certifying you for possible Medicaid eligibility will definitely want you to have spent all that $70,000 paying for your care before they'll even talk about Medicaid eligibility for you. It is an income based program. you are supposed to pay for what you can from your money. When you cannot pay, then the government program gets involved. And that of course, is how when Medicaid becomes as issue, the government sponsored program "gets" (puts a lien on) your property if you have property. When you are unable to pay for your own care, then all your assets must be considered before the taxpayers start covering your expenses.
If it appears that you have deliberately divested yourself of your assets (for example, sold your property to your children for less than the market price or signed it over to them) in order to qualify for Medicaid, within a certain period before your attempt to qualify, which is now I believe the previous seven years, those assets can be counted anyway (clawed back) as part of your considered income. And if you want to have the care, you will have to self-pay, or whoever you transferred those assets to will have to pay until the value of the property and assets you've gotten rid of is met before you'd qualify for any Medicaid assistance.
You need a good elder law attorney to advise you as you move forward. If you are thinking of going into a care facility soon, and were counting on using something besides your own funds to cover the expense of this, you may have waited very late to begin planning for this.
In any situation, you are supposed to self pay for your medical care as long as you are capable of doing so. If you need skilled nursing care and are not able to pay for it, your state's Medicaid program will get involved. The facility will want you to self pay until you have totally exhausted your ability to self-pay. This would include any assets in your bank account, any property you own. Yes, if your children had recently purchased your property, and paid you say $70,000 for your property, (fair market price) they'd probably get to keep the property even if you are being certified for Medicaid, but the agency certifying you for possible Medicaid eligibility will definitely want you to have spent all that $70,000 paying for your care before they'll even talk about Medicaid eligibility for you. It is an income based program. you are supposed to pay for what you can from your money. When you cannot pay, then the government program gets involved. And that of course, is how when Medicaid becomes as issue, the government sponsored program "gets" (puts a lien on) your property if you have property. When you are unable to pay for your own care, then all your assets must be considered before the taxpayers start covering your expenses.
If it appears that you have deliberately divested yourself of your assets (for example, sold your property to your children for less than the market price or signed it over to them) in order to qualify for Medicaid, within a certain period before your attempt to qualify, which is now I believe the previous seven years, those assets can be counted anyway (clawed back) as part of your considered income. And if you want to have the care, you will have to self-pay, or whoever you transferred those assets to will have to pay until the value of the property and assets you've gotten rid of is met before you'd qualify for any Medicaid assistance.
You need a good elder law attorney to advise you as you move forward. If you are thinking of going into a care facility soon, and were counting on using something besides your own funds to cover the expense of this, you may have waited very late to begin planning for this.
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