I'm filling out some of my mom's Medicaid papers and they want to know the value of her car and value of her house. Her bank account is easy, just look at the bank statements.
So the local dealership told me, trade-in value on her car was around $400 to $600. Private sale value was around $1,000 to $1,500. It could be priced as high as $2,000 if it's sitting on a dealer's lot. That's a big range of prices, so what do I use for the value and what do I send them for proof of value?
As for the house, the only value I know is the tax value which for 2021 is $25,000. I suppose send them the tax statement?
My mom's dementia is getting worse, she remembers somebody doing these papers for her last year but she doesn't remember who. She has a lot of paperwork all messed up and this is stuff she has to fill out every year. They had her eligible for Medicaid last year but we didn't get her started on the Waiver program until November.
Her car is a 97, but still in really nice shape, runs good and it gets used to take her to appointments. I really don't want to have to sell it, but I'm sure Medicaid will want it sold after she is gone.
She was mad, b/c although it's old, it only had 60,000 miles on it. So yes, it was in better shape than a car 10 years younger, but still was 25 years old! She wanted $6000!
I was so proud of DH. She started fussing at him, wanting more for the car and he said "I have a buyer who will pay you $1000 tomorrow. You want more? Sell it yourself".
In the past he would have probably given her the buyer's $1K and topped it off with $3-4K from us to keep her happy.
The house too has to be sold at Market value. Tax papers are tax assessments. They are suppose to be lower than what u can get for ur home. I would pay an accessor to come in and evaluate the home for sale.
Both these questions you can ask a Medicaid caseworker. Moms helped me with the
Paperwork.