Medicaid: How To Plan Ahead For Long Term Care Coverage

Equity in a home only prevents you from receiving Medicaid if you have over $500,000 of equity (or up to $750,000 if permitted in the state in which you live. A home for these purposes includes a house, a condominium, a coop and a mobile home.

Exempt from the limitation are:

• Individuals who have a spouse.
• Children under age 21.
• Adult children with disabilities living in the home.

Subject to the maximum equity provisions in your state:

• If you don't own a home, you can buy one
• If you own one, you can put money into needed improvements or remodeling.
• If you have a mortgage, you can pay it down or pay it off entirely.

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