When are you eligible for medicaid?

Answers:2   |   LastUpdateAt:2017-04-25 19:13:53  

Asked at 2012-08-06 05:56:47
This is a question three times and if anyone could help me with part of it, even I would be grateful.
Part 1 :
In March my father power of attorney over my grandparents who were then at a rehabilitation center in the short term. They are now in a nursing home with my parents who use their assets to pay for the cost . Finally, and very soon the money will run out . We are considering selling your home , but in this market is not something that could really trust. I was wondering if there is a point that would be eligible for Medicaid? Since technically has no assets today?

Part II :
You should probably remove it, but one of the strategies of my little family has created me to buy the house. It is very close to our family and no one wants to see him go . However, I would like a home buyer for the first time and I'm not completely comfortable with my responsibility for payment of a mortgage and I'm still in college. However, I work in a nonprofit organization and wondered if there was a program that helps to know that help with my student loans.

We live in CT do not know if that makes a difference.

Thank you.
Answer1 Patents are an angel -Answered at 2012-08-06 10:52:03
You can apply for Medicaid if their assets exceed $ 3000 dont like a married couple and dont exceed your monthly income county boundaries . A house is not counted as an asset to qualify for Medicaid.

You can keep the house if they have Medicaid, but when it happens , Medicaid will impose the estate to be reimbursed for what happened in the nursing home on Medicaid. This happens only after both spouses have died.

Why not their parents to buy the house and put the act in its name instead of you? They will not be obligated to pay elder care for his grandparents.

I do not know what your student loans are related to this issue. The only way to get forgiven , in part, is to become a teacher , join the Peace Corps or be totally disabled.
Answer2MeoshaAnswered at 2012-08-06 17:51:47
Part I:
Have an advantage. The home is an "active " even if we can not count on finding a buyer.

Part II :
The purchase of the house at fair value is a bad idea. There are many other houses available (especially in foreclosure sales ) you can buy for less.

The purchase of the house for less than fair value is an even worse idea . As will be obvious that the reason to change the ownership of the house was not going to pay medical bills, this is not a true " arm's length " transaction and Medicaid or put a lien on the house or take . You still have to pay the mortgage and can not even get to keep the home. Even if you do not have to keep the home for a while, when it finally sells , you can not keep the money that the buyer pays , even though you paid the mortgage. You might even face jail for "fraudulent conveyance" .

Putting assets in the name of a family member shortly before the Medicaid application is an old trick, and Medicaid is to it. You will not get away with it . And grandparents are not those who get into trouble because they are in a nursing power and nobody can do anything with them personally. You and / or father who will get into trouble .

If your father wants to go the route of putting the house in the name of a family member , you must put it in his own name, not yours. First, you have to pay for a lengthy consultation with an attorney who specializes in this type of operation so you can try it in a way that reduces ( but does not eliminate ) the risk of major legal problems later.

You personally should not participate in the transaction.
Answer3MasonAnswered at 2012-08-07 15:25:45
Part I:
The level of assets and income are set by each state so you have to look for the Medicaid website or give them a call. Countable assets are cash , stocks and bonds , investments , retirement plans , life insurance , if the cash value exceeds $ 1500. The home furnishings and home are usually uncountable, but the state will put a lien on the house as they pass. One of the cars , wedding rings , some life insurance policies and funeral , no cash value listed are not accountants.

Part II :
The state will look closely at a family member to buy the house. If you buy the house you must pay the market value now or their parents will be found guilty of Medicaid fraud. You work will help you qualify for a mortgage loan, but works in a nonprofit organization probably does not matter. I know of no legitimate help to pay your student loans.
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