Will Medicaid cause me to lose my home if my spouse goes into a nursing home? No, not when only one spouse is goes in. The “healthy” spouse is permitted to keep the house (up to $500,000 in value), one vehicle, other assets worth $123,000 and a prepaid funeral contract. Whether or not the healthy spouse can afford to keep the home is another matter, since he or she does not keep all of the family income. If both spouses are in a nursing home, each is permitted to keep only $2,000.00, with the remainder of the assets required to be used up to pay for the nursing home. This all may be avoided if you consult with an Elderlaw attorney.
-Attorney Jack N. Alpern