Grace period for moving to a primary residence

[eightyseven]

My understanding is that a primary residence does not (generally) count as an asset to disqualify someone for medicare. I currently live with my parents and would like to purchase a home in the near future (in another state). When I buy a home, would I have to move right away for it to count as a primary residence? It will be a year before I am ready to move, but if I find a home at a good price before I am ready to move, I'd be interested in buying it and continue living with my parents for a few more months. I'm worried that if I don't live in it right away, it won't count as a primary residence.

 

[MBSC]

I believe you may have Medicare confused with Medicaid. Medicare (and this site) is for those over age 65 and disabled under 65.

Medicaid has asset tests but is a state run program. You would need to contact the Medicaid agency in the state you are considering a move to for their specific requirements.

 

[eightyseven]

So there are no asset limits for Medicare? (Only Medicaid?)

I am under 65 but am disabled. I get Medicare and social security but don't know if I get Medicaid as well. I don't understand all the legal issues.

 

[MBSC]

Thank you for replying. There is no Medicare asset test if you pay the Medicare Part B premium yourself. There are two types of programs that help pay the Part B premium and coinsurance for eligible low income persons.

1) Dual Eligible - The person has both Medicare and Medicaid.
2) Medicare Savings Programs (link)- Persons with low income who do not qualify for full Medicaid.

Both can have asset tests but the details vary by state as the state Medicaid agency also handles eligibility and enrollment for MSPs. You would not be disqualified from Medicare for failing an asset test. You would just become responsible for paying the Part B premium and any coinsurance that the state program is currently paying for you.

MSP Contact Information: https://www.medicare.gov/Contacts/#resources/msps

Remember, states use different rules to count your income and assets to determine if you are eligible for an MSP. Examples of income include wages and Social Security benefits you receive. Examples of assets include checking accounts and stocks. Certain income and assets may not count when determining your MSP eligibility. And some states do not have an asset limit.

Source: https://www.medicareinteractive.org...s-qmb-slmb-qi/medicare-savings-program-basics