As age takes its toll and overall health declines, home owners can find themselves in scary situations. Much akin to the credit card troubles that plague many first time credit card users, many home owners with poor health worry that Medicare may take their house. By learning the facts about Medicare and Medicaid, home owners with declining health can be much better equipped for handling their situation.
When an ailment befalls a home owner that requires a stay in a short term nursing facility, the price of this nursing home stay can often be covered by Medicare. Since Medicare does not seek reimbursement for any of the short term nursing home stays, Medicare would never put a home owner’s place of residence at risk.
Unfortunately, while Medicare will not seek to claim possession over a home for reimbursement, it also does not cover long term nursing home care. However, Medicaid does cover long term stays in nursing home facilities. Of course, in order to qualify for Medicaid, the home owner and their spouse’s combined income must be extremely low.
So long as one of the spouse’s remains within the home, Medicaid does not count the value of the house in determining eligibility. If both leave the house permanently, however, Medicaid can seek reimbursement for the long term nursing home care from the value of the home. Being unaware of this is what has led many elderly individuals to lose their homes.
Medicare would never, under any circumstances, try to take the home of an individual. For elderly individuals who must spend a long term stay in a nursing facility, it is often a prudent move to deed out the house to a close relative more than 60 days before they leave for the nursing facility. This helps to ensure that Medicaid cannot steal their house out from under them, leaving them homeless and in poor health.