Sep 16, 2015 - 09:52 AM
That being said, in general, the nursing home doesn't want your house. As long as you are a private-pay nursing home resident, you pay the monthly fee to the nursing home and that is the extent of the relationship. If you can't pay any longer because you have spent all your money, you might be eligible to apply for Medicaid benefits. You have to qualify, so it isn't automatic or easy, but many people do qualify and when they do, Medicaid picks up all the nursing home expenses over and above your monthly income which is essentially your co-pay. Medicaid isn't a freebie though; they want to be repaid whenever they can from wherever they can. Each state is different, but many states will not require the nursing home resident to sell their home before being approved for Medicaid benefits so long as they have "the intent to return home", regardless of the ability to do so. Medicaid will often file a lien on the home for what will eventually be owed back to Medicaid though, so if Medicaid is paying $5,000 per month towards your care, each month the lien is growing by that much. Year One the lien is already $60,000! It must be repaid after the nursing home resident dies, before anyone else inherits it.
You asked about protecting the home and yes, there are several ways to do that but all involve a trip to an Elder Law attorney's office. The money you pay her or him will be recouped many times over by their advice. There are sites that you can go to, AVVO for one, that will help you find an Elder Law attorney. Good luck!
Sep 16, 2015 - 01:47 PM
You should see an Estate Planning or Elder Law Attorney in your area very soon.
Sep 16, 2015 - 02:15 PM
Sep 17, 2015 - 10:16 AM
Source: Sophia Lopez, Esq