My parents are both going to care homes. Right now they have adequate assets to pay for their own care. We are considering renting their home to provide additional income to pay for their care. Will Medicaid look at their home as an non exempt asset when they apply for Medicaid.
Grace + Peace,
bob
Grace + Peace,
Bob
"So...If you state intentions to return, it's non-countable? What if you spend down all other assets and are still in care/can't return? Wouldn't you have to sell and use the money to pay for care?"
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thing is, once they are on Medicaid, they are already "out of money". Each person on Medicaid is only allowed to have $2000 in cash. As I understand it, Medicaid won't go after the house until both are deceased. Best to check with an attorney who knows his/her stuff.
Grace + Peace,
Bob
Being a landlord can be stressful all by itself especially if you do not live nearby. If you do decide to rent it out I would highly recommend letting a property management company handle it for you. There is a fee, but I have found it to be well worth it. They screen the tenants, collect the rent and enforce the terms of the lease, they understand the law between tenant and landlord for possible evictions, take care of all maintenance (you will pay for it) and also handle the problems that will arise. I have done it both ways but in my opinion, property manager is the way to go.
If the home is in a close neighborhood you may get by with no problems for a while should you choose to let it sit for a while, but beware word gets out pretty quickly that there is a fully furnished empty home. If it is isolated you might be surprised at how quickly the thieves find it. My parents home was empty with exception of a few pieces of furniture and appliances which were old and starting to yellow. I had a gate installed but that did not help much. Someone kicked in every door in the house, stole the appliances and left it standing open until I found it a week or so later. In short they did $4,000.00 in damage to steal almost worthless appliances I would have given them had they just asked.
I would certainly talk to someone, because I would think any property they are not currently living in would count as an asset. Good luck and talk to someone who knows your state's rules. You might even try calling your local DHS office and talk to a person who determines Medicaid eligibility. It took me close to 3 months to get my mom on Medicaid because they are very thorough, but fortunately, the person in charge of my mom's application was very helpful. Best wishes!
I'd suggest getting a qualified elder care attorney and get his/her advice. Caveat: Three of four lawyers we consulted said they are elder care attorneys, but don't know much about it. Get referrals.
Grace + Peace,
Bob