There were a few major changes to the Medicaid eligibility guidelines that were enacted in Florida in 2021. One of these changes is the Home Equity Rule—one of the most important factors that seniors consider when working with an elder law attorney Sarasota residents count on to help them qualify for Medicaid. Being able to qualify for Medicaid can make a huge financial difference in the lives of seniors and knowing the changes will help ensure you stay protected. The last thing you want is to find out you no longer qualify and must pay back any benefits you received while ineligible.
New Qualifications for Home Equity Rule
As of January 1st, 2021, the cap on home equity was increased to $603,000. This is great news for seniors who have benefited from the increase in the fair market value of their homes during COVID.
Your home equity is the fair market value of your home minus the debt you still owe on the home. However, if your home is jointly owned Medicaid will consider the equity proportionately to your ownership. If you are worried about the value of your home, don’t worry! There are ways to have the home equity rule waived.
Waiving Home Equity Rule
An elder law attorney Sarasota residents trust can help you figure out if you qualify to waive the home equity rule. Some of the exceptions include:
- If your spouse is still living in the home
- If you have children under 21 years old who live in the home
- You have a child of any age who is blind or disabled living in the home
- You can demonstrate your intention to return to the home
Medicaid can place liens on a home after someone on Medicaid passes away in order to recover money against the estate; however, there are ways to prevent this from happening by working with an elder law attorney Sarasota seniors can rely on to protect their interests first.
If you want to begin the process of hiring an elder law attorney, contact The Law Offices of Kimberly K. Muenter, P.A. at 941-229-2529