For most of us, our home is our greatest asset. It represents a lifetime of working hard and saving, and is a legacy we hope to leave to our children after we are gone. Understandably, it’s one of the first questions most people ask when they realize they need to apply for medical assistance benefits to cover nursing home care.
Per Medicaid’s regulations, the home is an unavailable asset that is not taken into account for determining eligibility if the following are true:
- The home has an equity of less than $500,000
- The home is the principle place of residence for the spouse
- There is intent to return within six months by the nursing home resident
Congress passed a law in 1993 that requires states to attempt to recover the value of the Medicaid payments that are made on behalf of nursing home residents. The State of Ohio can pursue join and survivorship, transfer on death, payable on death, life estates and beneficiaries under life insurance and annuities in an attempt to recover payments made by Medicaid.
In short, you need the help of a qualified Ohio elder law attorney both before you apply for Medicaid, and after you are approved for Medicaid to preserve your assests for the beneficiaries of Medicaid recipients. The rules are constantly changing, and only a professional can protect your family’s future.
