Medicaid and medical confusion?

Question

hi, have a few questions about the medicaid and medical.

my parents are getting old and have used up most of their savings. at what point can they apply for the medicaid and medical assistance? they do own a home. does that make them less qualified? and how to apply for them?

i have heard from somewhere that it works like a loan from th government. do they need to sell their house at one point to pay back the medical bills? how about after their lives. will the government take over the house to pay the bills? thank you.

Answer 1

If they are 65 or older, they should be able to qualify for medicaid and medicare.  

If they are 62 and older and own their own home, they should qualify for a reverse mortgage in which the bank eliminates their mortgage if any and the bank PAYS THEM monthly, with no payback required!

Google the AARP web site for more information on these topics.  Your aging parents will definitly benefit from it!

Answer 2

I have medicaid and i am 23.  In order to get medicaid you just have to not bring in enough money to afford high medical costs.  I dont think having a house can effect your chances except if they are still paying for it then it is considered another drawback.  Like adding other bills makes you more qualified.  If they own their home....DONT REFINANCE!!  You never get your money worth.  They take a lot more than you get and after they pass, you will get nothing.  Banks ar out to get you....just remember that.  If they want money from their house then tell them to sell it.  Because they arent going to get 30 years worth of house payments back.

Answer 3

Financial guidelines for eligibility vary from state to state. There is no one correct answer here. Some don't count a home, some do. California does not.Some states DO have a repayment clause, but that there is no absolute answer here either. Sometimes the state will try to get repayment, sometimes not. Alot depends on how much the state is owed and if the state feels they can get repaid through the sale of assets. The states can waive the payback if it would cause undue hardship.

Contact the Social Services Dept in your area or google Medicaid and your state to find out where you can apply.