Spending-Down is not the Only Option Your family worked hard their entire life to accumulate some form of security and wealth, only to face the prospect of losing it all due to a nursing home stay. If you do nothing, Medicaid may require them to spend down their savings in order to ...
But remember, these are only some of the strategies that can make sense. Consult with a financial advisor who can suggest other ways to spend down assets in a way that makes sense for you. Here are some of the strategies that are popular when trying to reduce countable assets for Medicaid...
You'll save days or weeks of your time and you can possibly save $100,000 or more in nursing home costs. We'll help you protect your assets from the Medicaid spend down: With our knowledge of the updated rules you can save up to 100% of your assets from the nursing home spend-down...
Seek Help With Medicaid Application and Spend-Down Medicaid is a very complex government program. Just because a senior’s assets exceed the general limits listed above does not mean they are automatically ineligible for coverage. Different states implement slightly different rules and resource limits,...
Spend down funds on personal or medical needs and day-to-day care expenses. Under Federal law, a person applying for Medicaid cannot reduce or transfer assets to others (for example, children) for the purpose of qualifying for Medicaid coverage of long-term care services. Doing so may result...
The term “spend down” is often used in reference to eligibility for Medi-Cal benefits, but it does not mean that you must spend all your assets before you qualify. Instead, resources can be transferred or re-titled legally and appropriately to achieve eligibility without destitution. ...
you don’t have to go broke paying for nursing home care or engage in the “Medicaid spend-down.” There are options to avoid nursing home care costs, whether you are planning ahead or if you have a loved one in a nursing home now. Learn about Medicaid Crisis Planning strategies with ...
A pooled community trust is regularly utilized to prevent thespend downof income by the recipient of Medicaid home care. It is a specific type of Special Needs Trust (SNT). An SNT allows a person with a disability to continue receiving government benefits, such as Medicaid and Supplemental Se...
Work Requirements Most participants (69% [95% CI, 66%-72%]) agreed that “If people are able, they should be required to spend time volunteering or working to stay on Medicaid,” while 22% (95% CI, 19%-25%) disagreed (Figure and Table 2). Agreement was lower (64% [95% CI, 59...
Medicaid planning is for everyone, single, married, widowed or widower, who needs long-term care and does not have enough monthly income to pay for care. There are multiple strategies that can help protect assets from the long-term care spenddown. You don't have to navigate these complex ...