Federal law dictates that only someone below a benchmark level of assets can qualify for Medicaid, beyond which it is determined that the individual does not have the assets to pay for his or her own care. Many seniors who apply do not receive Medicaid because their asset level is too high to qualify. <\/p>\n
In order to qualify for Medicaid, it is sometimes prudent to \u201cspend down\u201d assets in order to reduce their value. Spending down should be done carefully, ensuring both continued financial security and the receipt of Medicaid.<\/p>\n
Not all assets influence whether an individual can receive Medicaid, and these assets do not need to be spent down. A person’s home, car and physical possessions may not be counted. Prepaid funeral and burial arrangements and some cash may also be exempt. However, exemptions are determined on a case-by-case basis.<\/p>\n
Medicaid programs allow individuals to spend down their assets on certain expenses. (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Federal law dictates that only someone below a benchmark level of assets can qualify for Medicaid, beyond which it is determined that the individual does not have the assets to pay for his or her own care. Many seniors who…<\/span><\/p>\n