Figuring out how to sell a house while on Medicaid can be a challenging process. Long-term care planning and asset protection considerations are important. The “sell a house fast” in Columbia, TN, team at My Tennessee Home Solution can help you determine the best path to take.
Will I Lose Medicaid After Selling My House?
If you’re on Medicaid at the time you sell your primary residence, you could lose your Medicaid eligibility. If the sales proceeds push your income and assets over the threshold in your state, you might no longer be eligible for Medicaid.
A few options may help you maintain Medicaid after receiving proceeds from the house sale.
Buy Another House
Most people who are selling a home while on Medicaid don’t want to buy another house. However, if you spend the proceeds on another primary residence, you might retain Medicaid eligibility.
Reduce Your Assets
If the proceeds from your home’s sale push you over the Medicaid threshold, you can try reducing your other assets. You can also consider using the home sale proceeds to pay down credit card debt or to prepay funeral expenses.
Plan for the Sale
An attorney may have some ideas for selling the house without affecting your Medicaid status. Setting up a trust before the sale could help you maintain your Medicaid eligibility. The farther ahead you can make plans, the better chance you’ll stay in compliance with the Medicaid look-back period.
Trust My Tennessee Home Solution for Home Sales Involving Medicaid Complexities
At My Tennessee Home Solution, we are the local cash buyers who always focus on helping our clients develop a customized solution. We can buy homes as-is with fast closing times, but we also work with clients to find the solution that best suits their needs. We give you the flexibility you need to deal with Medicaid estate recovery or a homestead exemption option.
If possible, we’ll help you take every step necessary to preserve your Medicaid eligibility after you sell your house to us. To learn more or to receive a fast cash offer for your house, contact My Tennessee Home Solution today at (615) 933-5431.
Frequently Asked Questions
When you have concerns about how selling a house might affect your Medicaid eligibility status, our property experts can help.
What If I Gift the Home to a Family Member?
Medicaid’s look-back period rules make it difficult to gift the home to a family member and retain Medicaid eligibility. You may need help from a real estate expert to determine the best way to do this.
Will Medicaid Have Involvement in the Home Sale?
No, Medicaid does not have to be involved in the sale of the house. As long as you follow the rules required for the look-back period and other eligibility requirements, Medicaid will not be involved.
Do I Have To Notify Medicaid If I Sell the Home?
Learning how to sell a house while on Medicaid may require notifying Medicaid when you sell the home. Medicaid also has the right to track changes in your assets.
