How do I meet the financial requirements?
This is known as a “spend down” and will result in meeting the income and asset requirements to apply for Facility Medicaid. There are several tools available to qualify for facility Medicaid that sets your family up for a better financial position rather than just spending all the income on long term care. Below are just a few of the approved methods to complete a medicaid spend down to qualify for facility medicaid.
If you own a home and intend to return to it, or have a spouse that will remain home, you can make repairs or modifications without penalty. You could update a bathroom or kitchen, put on a new roof, build an addition, or make any repairs to improve a single house.
Bills (Current or Future)
In order to qualify for facility Medicaid you will never have more than $2000 or a monthly income. Credit card bills, vehicle loans, mortgage payments, and any outstanding bills are eligible as part of a Medicaid spend down. It is a good idea to get bills out of the way before moving on to other parts of the spend down. In addition, if your loved one is only going to be in long term care for less than a year before returning home, you can go ahead and prepay mortgage and car payments so they don’t lose those while in long term care. Continue reading “Tools for a Medicaid Spend Down”