Spending down your assets is the term used to describe the reduction of your assets in order to qualify for Medicaid. There are some assets that are not required to be sold or spent in order to be eligible for Medicaid. These are called noncountable assets, and they include the home, a car, household goods and furnishings, personal effects, prepaid funeral and burial expenses and cash limited to $3,000 for a couple. However, the decision to exempt certain assets is made based on the factors of each case. The Medicaid program for your state will consider the laws of your state, your marital status, living arrangements and other circumstances.<\/p>\n
Here are some of the expenses for which it is permissible in most states to spend down your money or assets. When applying for Medicaid, you can spend down your assets on any legitimate debt belonging to you or your spouse. Such debts (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Spending down your assets is the term used to describe the reduction of your assets in order to qualify for Medicaid. There are some assets that are not required to be sold or spent in order to be eligible for…<\/span><\/p>\n