A Medicaid Spend-Down is a process that allows you to legally spend down your assets in such a way so that you can legitimately qualify for Medicaid.
Why Sh
ould You Care?
People are living much longer than they did in previous generations. As a result of this, we are seeing a sharp increase in people who are needing home nursing care as well as long term care. Many families have unfortunately had to take on the financial burden of these services which can cost well north of $5,000 a month. This additional burden has ruined families not only financially, but also emotionally. But many can breathe a sigh of relief because help is available from the government in the form of Medicaid.
Medicaid is a government program that was created to help struggling and low income families with healthcare costs [check out last week’s blog for more on Medicaid]. It is important to understand that in order to qualify for Medicaid you must meet specific income requirements and have limited assets. If you exceed these limits but still need to have access to Medicaid an attorney may be able to help you find ways, such as a spend-down, to legitimately qualify by reducing your available income and assets.
It is very important to seek the advice of an attorney trained in Estate Planning or Elder Law to help you navigate the process of a Medicaid Spend-Down. It must be done in accordance with the laws and guidelines currently in place of YOUR State or the consequences could have a much greater financial impact.
