MEDICARE-MEDICAL QUESTIONS HELP!

[rayroy]

hI, MY FATHER is worried about the future of the house that is paid off for. HE is getting medical or medicare which is goverment healthcare for those that are homeowners. Supposedely once my father and mother pass away, the state will wnat re-inbursement for all the money that they spent on health costs for my parents. They will take the house according to my dad. Therefore we have been thinking of chaging title of the house from my parents to my older sister. So in the future the state cant take it away. I am not sure of what is true and what is not. I guess I better go to an attorney to find out.

ray

[Mary]

Ray,

I think your dad may be confusing qualifications for nursing homes versis health insurance. I live in Virgina and my husband is a real estate agent and we have nothing like that. However, transfering deed is not a problem in most staes. You may want to look into a living trust which stipulates survivorship for your parents. (which means the surviving spouse has rights to the property as long as they are alive) However, ownership reverts to heirs after one dies. Good Luck,

Mary

[Donna G]

In Massachusetts I believe you can sell your house to your children for $1 but the state can still take it if it happened within 5 yrs of your death. meanwhile they owe taxes etc. My mother had to go through all her assets while she was in a nursing home before they would take over paying for her , that included selling her home. Believe me Medicare only pays a matter of months, then it is so expensive it does not take long for you to go through all your money. They only let her keep enough money to be buried.