Can A Nursing Home Take My Parents House?

Steps

  • Use private wealth. If you have significant financial resources, you may be able to afford to pay for nursing home services or private in-home services out of pocket.
  • Rely on family.
  • Pay with private insurance or Medicare.
  • Acquire long-term health insurance.
  • Qualify for Medicaid.

How can I protect my assets from nursing home costs?

Steps

  1. Use private wealth. If you have significant financial resources, you may be able to afford to pay for nursing home services or private in-home services out of pocket.
  2. Rely on family.
  3. Pay with private insurance or Medicare.
  4. Acquire long-term health insurance.
  5. Qualify for Medicaid.

What is the 5 year rule for Medicaid?

When you apply for Medicaid, any gifts or transfers of assets made within five years (60 months) of the date of application are subject to penalties. Any gifts or transfers of assets made greater than 5 years of the date of application are not subject to penalties.

Does a living trust protect assets from nursing home?

A revocable living trust does not protect your assets from nursing home costs. The Home Protection Trust is an irrevocable trust specifically designed to protect its holdings from loss if you ever have to apply for Medicaid to pay for your long term care costs.

Can Medicaid Take Your Assets?

Assets You Can Have and Still Qualify for Medicaid. Medicaid is a joint federal and state program that helps people with limited income and few assets cover health care costs. Generally, though, the government considers certain assets (usually up to a specific allowable amount) to be exempt.