You likely won’t have to sell your home in order to qualify for Medicaid, but Medicaid can make a claim against your estate after your death to recover funds it expended on your behalf. This process, called estate recovery, may result in a claim against your house.

How does Medicaid know what your assets are?

Required documentation to be provided by the applicant to verify assets might include checking, savings, money market, credit union, and certificates of deposit (CD) account statements, life insurance policies, deeds or appraisals for one’s home and other real estate, copies of stocks and bonds, deeds to burial plots.

When do assets not count in Medicaid asset test?

This means that Medicaid will not count certain assets when it runs its asset test to see if the Medicaid applicant qualifies. Many people consulting with a local elder care attorney ask: “which assets are exempt from Medicaid?” or “which assets are not-counted by Medicaid?” Here they are:

When is a home an exempt asset for Medicaid?

If married: If spouse continues to reside in the house, it is exempt, regardless of value (no equity limits) and not subject to. This also applies if there is a minor child or special needs child living at home. Adult Child Care-giving Exception.

Can you own a home 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. But, can you own a home and still qualify for Medicaid? Can you own a car on Medicaid? What about a life insurance policy?

What makes a property a joint asset for Medicaid?

All property assets of married couples are considered to be joint assets by Medicaid even if only one name is on the deed. The good news is there are many exceptions to how assets are counted. The bad news is, it is very confusing.