My father lives in his reverse-mortgaged house but a week ago checked into a rehab/nursing facility for either short-term or long-term residence (not sure yet). His savings is almost under the threshold for Illinois Medicaid which would start paying for his care in about 2 months. He also has owned 35 acres of undeveloped property in another state. He bought it 50 years ago and has been trying to unload it for the past 40 years. No buyers. The land has no access, no water or electric lines. No one wants it. It fronts a national park on one side. My question is how does this land affect his Medicaid eligibility? Is there some formula that is used? We don't know the value of the land except that to the family and the public it seems to be worthless. But, it does get property taxed so maybe that assessed value for taxation is what we should go by as it's value?
So, any idea how a second piece of property, as worthless as it is, affects his eligibility for Medicaid in Illinois? Thanks!