My parents live in Texas. They both are in their early 80's. They have no income besides their social security benefits ~$14,000.00 a year for both of them. Their only asset is their house. They love their house and have been living there for 34 years. The house is old and it requires a lot of maintenances. It house has been flooded ~ 4 times. They had fixed it, but it is deteriorating. They house insurance is high because it is under flood zone. They have Medicare Advantage Plan and Medicaid.
Recently my Mom broke her foot and the doctor told her that her walking days are over. We are thinking of selling their house and find a small house near the hospital. Since she is bounded to the wheelchair, we will need to fix up the house to make everything wheelchair accessible. another problem we are facing is that she is diabetic and she has weight problem. Therefore we will need to have a 24 hour nurse/home care assistant to help her.
My parents want to know what would happen to their benefits if they decided to sell their house. What would happen to their Medicare and Medicaid? We afraid we might need to a long term assistant for them in the later years. We don't think it wise of us to remodel house and the chance of remodel it again if their house happened to flood again. So selling their house is the only choice we have. With today's economy, we are not even sure if the house will sell or not. What if we buy a house and rent it out to them. They can owe us the monthly payments until they be able to sell the house. But once the house is sold, will they have to pay back the Medicaid benefits?