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How does the Medicaid spend-down work?

Asked by marshazents  |  Jul 16, 2010

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LynnPO

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Jul 16, 2010

it depends on the state where an elder will apply for assistance. Your best bet it to talk with the dept of health and welfare to learn their requirements. Generally, the individual must use all their liquid assets - cash, CD's & such - for their support, once they are down to $2000 or $2500 they qualify to receive assistance. Keep in mind there is a look back period of 3-7 yrs - depending on state regulations - if, during that time, the elder gave away any thing of value (cash, land, cars, antiques, art, CDs, stocks, etc ) they will be disqualified from getting aid. The state expects the "giftee" to return it. The state may ask if the elder has anything of value - life insurance, a house, car etc. that might be sold upon their death so the state can recoup their money.

This has been my experience but you should really not rely on our advice here as gospel. SPEAK TO YOUR STATE AND AN ELDER ATTORNEY to find out all the details, especially if your elder has a spouse or dependent child who needs a place to live, they make acceptions for that.

 
 

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