4 ms·
Many middle class seniors sell their homes to pay medical or long term care expenses.
by cwkoss 4y ago
Many middle class seniors sell their homes to pay medical or long term care expenses.
- lotsofpulp 4y agoI would like to see stats on that because the Medicaid asset test excludes $636k of one’s home value. https://www.medicaidlongtermcare.org/basics/home-ownership-impact-eligibility/ https://www.medicaidlongtermcare.org/basics/home-ownership-i... There should be no need to sell a home for almost everyone to receive healthcare or long term care (which would be covered by Medicaid/Medicare). And if people wanted to move to higher end facilities, those cost $10k+ per month, so selling a median house to live in one does not buy you much.
- hotdogrelish 4y agoInterestingly in some states it's even higher than $636k! However, I think you're on the nose with the long term care facilities. Medicaid will only pay 100% of any nursing home care (high end or low end) if your countable assets are $2500 or less. Additionally, Medicaid considers your income going back 5 years in order to determine eligibility, so selling (or putting into a trust) sooner rather than later can make sense for a lot of people. https://www.webmd.com/health-insurance/features/when-how-much-medicaid-pay-nursing-home-care https://www.webmd.com/health-insurance/features/when-how-muc...