What can I spend my money on before applying for Medicaid without becoming ineligible?

There are a few ways you can spend assets if you are over the limits of Medicaid eligibility.
These include:
·    Paying off a Mortgage
·    Home Repairs
·    Replacing an old Automobile
·    Updating Home Furnishings
·    Paying For More Care At Home

Again, due to the fact that the penalty periods incurred by Medicaid for an ineligible transfer, any spend-down attempt should be done with the consultation and advice of a qualified professional.

Applying for Medicaid

The last step in your pursuit of qualifying for Medicaid is the Medicaid application. It is essential that, even if you did not plan ahead, you seek the advice of an attorney or other qualified professional before applying for Medicaid. A spend-down plan can be implemented to save you as much money as possible.

 

For more information, please attend our workshop on Trust, Estate and Asset Protection, including planning for medicaid