If you or your loved one has an expensive car, can you keep it and still get Medicaid to help pay for the nursing home?
Elder law attorney Bill Henry discusses a fancy car and Medicaid eligibility in this short video.
Need Help Paying for the Nursing Home?
Today, we’re answering the question of whether or not your loved one can own a Ferrari and qualify for Medicaid in Colorado if they’re going into a nursing home.
My name’s Bill Henry. I am an elder-law attorney with Robinson & Henry.
You Can Own a Fancy Car & Receive Medicaid
Well, the short answer is actually yes, at least on the surface. Because in Colorado, the person going into the nursing home is allowed one automobile regardless of value.
Here’s the Catch About Cars & Medicaid
Now, the caveat to that is it needs to be used for their transportation or the transportation of a household member. A household member is normally a spouse or a dependent on the tax return.
So I guess arguably the answer to that’d be yes. Not necessarily I would recommend of course, but the short answer is yes.
If you meet the other requirements, then theoretically you’re loved one could own a Ferrari and still qualify for Medicaid. My name’s Bill Henry.
Reach Out Directly to Bill
If you’ve got any questions, feel free to reach out to me at email@example.com.