Legal Question in Real Estate Law in New York

Re: Medicaid and Real Estate

You may be confusing the two programs. Medicare is your medical insurance, while Medicaid is nursing home and long-term care. Everyone over 65 may receive Medicare, which is an entitlement program, if you are eligible. Medicaid pays for nursing homes if you meet the qualifications, with both an income and asset test. If your only asset is a house and one spouse needs to go to a nursing home, Mediciad will cover the costs if the family qualifies. However, Mediciaid is like a loan or mortgage and if there are remaining assets, like a house, when the house is sold the moneys provided by Mediciad must be repaid. This area of the law is quite complicated and an expert in the law and how to plan for the possibility should be consulted. Medicaid laws are constantly changing and new laws are about to or have just gone into effect. If the possibility of a nursing home exists now or may be faced, any possible planning to save or conserve assets should be undertaken ASAP.