My father has 2 homes bought by my sister and I with my father on the loan 14 years ago. He is not on the deed, just the loan. Will Medicare go after what’s in his bank account and his assets like home equity or place a lean on the houses if he went into assisted living or even just home care? He goes to daycare Mon through Fri and from 830 to 330 a bus takes him but we pay for it. Is any of this covered by Medicare or because he has assets and a little funding in bank left they will take it?
Medicare is your fathers health insurance. It pays for rehab in a facility for only 100 days. 100% the first 20 days, 50% 21 to 100 days. After that its private pay or Medicaid if you have no money for LTC.
If after a hospital stay Medicare will pay for homecare like PT. But once person has hit a plateau, the client is discharged.
Medicare services to not get paid back. Income has nothing to do with services provided.
Medicaid comes in when there is no money for LTC. In my state, u are allowed to keep a house and a car and 2k or less in the bank. Lets say Dad owned two homes, one would have to be sold and proceeds used for his care. All shares, bonds, annuities, insurance policies with cash value, IRS or CDs, etc, would have to be cashed in for his care.
Medicaid also provides homecare in the home, health insurance and these services will need to be paid back. But all this depends on if you have any assets and a house. Otherwise they can't recover if there is no estate. There 's a lot more to medicaid. Community spouse, family member living in the home as main residence. Each case is different.
Do you mean that your father contributed substantial sums of money to your and your sister's house purchases? - or just that he acted as guarantor on the loans but without paying towards them?
If he was assisting with payments, you need to add up how much he paid. When he made these payments, if any, is also important. If he gave you money for a down payment 14 years ago, that won't matter. But if he has continued to assist you with repayments throughout the period of the loan, it may do.
The distinction between Medicare and Medicaid is very important, as much better qualified posters than I have already explained.
Medicare will not " go after" dad's assets. Medicaid has to be applied for and there is a determination based on assets and income that is rather complex.