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Virginia Beach Estate Planning Lawyer / Blog / Medicaid / Do I Have to Give Up My Home To Be On Medicaid?

Do I Have to Give Up My Home To Be On Medicaid?

In order to be eligible for Medicaid, the countable assets for a single person cannot exceed $2,000. For a married couple, the spouse not applying for Medicaid may keep up to $109,560 in countable assets.

Because of this rule, many of our clients believe that they won’t qualify for Medicaid because they are not “poor.” However, there is a difference between countable assets and total assets – not all assets are considered when determining Medicaid eligibility.

One major asset is your home. Medicaid applicants can keep their home as long as they live there or if they have a spouse or disabled child who lives in the home. This means that Medicaid will not count the home as an asset.

While many people are relieved to know that they can receive Medicaid assistance while owning their own home, it is important to be aware of some the Medicaid rules regarding home ownership. If you sell your home or convert your ownership in your home into cash, that money may not be exempt from Medicaid. This could significantly delay your eligibility for Medicaid or cause you to stop receiving Medicaid benefits altogether. Furthermore, if the house is no longer the “primary place of residence” for you or your dependents, Medicaid may require you to sell the home.

Many of the rules about Medicaid can be complicated and confusing, and they vary significantly from state to state. To ensure that you receive the benefits that are the best tailored to your needs, it is important that you consult with an experienced elder law attorney in your state.

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