“Misconceptions about Paying for Long-term Care Part 2 of 3,” by Tammy Weber, Marshall, Parker & Weber, LLC

 

Quote:

“Misconception #2:  “The nursing home takes my residence if I want Medicaid” The personal residence is considered an exempt resource for Medicaid purposes as long as the Medicaid applicant expresses an intent to return to that residence and the equity value of the residence does not exceed $595,000.00 (2020), or the applicant’s spouse or dependent relative lives in the residence and the equity value is below the maximum amount.  An exempt resource means that the value of the residence is not included in the amount of countable resources that an applicant or applicant and applicant’s spouse can keep and still qualify financially for Medicaid.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

As long as Medicaid exempts seniors’ biggest asset, is it any surprise Medicaid planning attorneys like this one do a land-office business while LTC insurance producers struggle to make a living?