FAQ: How Do You Prove You Spent Down Care For Elderly So They Qualify For Medicaid?

What qualifies for Medicaid spend down?

If you have medical expenses that significantly reduce your usable income, you may qualify for a Medicaid spend-down. The spend-down program may also be referred to as a medically needy program or Medicaid’s Excess Income Program.

How can I spend down money before Medicaid?

Following are examples of what a Medicaid applicant may be able to spend money on:

  1. Prepay funeral expenses.
  2. Pay off a mortgage, car loan, or credit card debts.
  3. Make repairs to a home.
  4. Replace an old automobile.
  5. Update your personal effects.
  6. Medical care and equipment.
  7. Pay for more care at home.
  8. Buy a new home.

What does it mean to spend down for Medicaid coverage?

Some people have too much income to qualify for Medicaid. Some of these people may qualify for Medicaid if they spend the excess income on medical bills. This is called a spend down. For example, a person over 65 is denied Medicaid because her monthly income is $50 more than the limit for Medicaid eligibility.

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How far back does Medicaid look for assets?

Each state’s Medicaid program uses slightly different eligibility rules, but most states examine all a person’s financial transactions dating back five years (60 months) from the date of their qualifying application for long-term care Medicaid benefits.

Can you own a home and still qualify for Medicaid?

It is possible to qualify for Medicaid if you own a home, but a lien can be placed on the home if it is in your direct personal possession at the time of your passing. To prevent this, you could give the home to loved ones, but you have to act well in advance so you don’t violate the five-year look back rule.

How much money can a person on Medicaid have in the bank?

A person who has more than $2000 in countable assets, such as bank accounts, mutual funds, certificates of deposit, and the like, is not eligible for benefits.

How much money can you have in the bank on Medicare?

You may have up to $2,000 in assets as an individual or $3,000 in assets as a couple. Some of your personal assets are not considered when determining whether you qualify for Medi-Cal coverage.

Does Medicaid take all your money?

The truth is, Medicaid doesn’t take a person’s money, unless they’re enforcing a “Medicaid lien,” a concept that is outside the scope of this article. An individual can be ineligible for Medicaid for various reason. In order to qualify for Medicaid, a person can have no more than $2,000 in countable assets.

Can I qualify for Medicaid if I have savings?

Medicaid is the government health insurance program for people with low income and the disabled. There used to be a limit on how much you could have in assets and still qualify for Medicaid. Medicaid does not look at an applicant’s savings and other financial resources unless the person is 65 or older or disabled.

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Can a nursing home take everything you own?

The nursing home doesn’t (and cannot) take the home. So, Medicaid will usually pay for your nursing home care even though you own a home, as long as the home isn’t worth more than $536,000. Your home is protected during your lifetime. You will still need to plan to pay real estate taxes, insurance and upkeep costs.

How do I stop Medicaid from taking my house?

The best way to save your house from Medicaid recovery is by putting the house into an irrevocable trust. A trust protects the home because the individual no longer owns the house. The parents can also be protected from the children deciding it’s time for the parents to move out.

How can I protect my elderly parents assets?

10 tips to protect your aging parents’ assets

  1. Talk to your loved one often and as soon as possible about their wishes for the future and your desire to help.
  2. Block scammers from calling.
  3. Sign your parents up for free credit reports.
  4. Help set up automatic payments.

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