How can I spend down my assets legally to be eligible for Medicaid?

Jun 5, 2010

Generally by paying for care but make sure you keep records and it may be you have to use an agency I would check with an elder lawyer and they are not all expensive mine had me pay a retainer and some office of ageing have free services in which a lawyer donates him time and the client does not pay but that would be one way to spend down also going into a nursing home as private pay until you reach the limit also be aware there is a look-back period where they check any large withdrawals usually it is 5 years.

Trossiter

Feb 22, 2012

My Mom has community home care and is spending down her IRA for home care to pay for aids at home. In spending down her IRA will that make her not eligible for medicaid?

195Austin

Feb 22, 2012

As long as she spends down her money on her care that will make it easier to get medicaide-it is when you gift large amounts of money to others so as to get on medicaide is when there is a problem. When her assests are at or under what she is allowed to keep she can apply for medicaide and after the forms are filled out there will be a meeting with social service and will find out if she is accepted and then home care or placement will be paid for-using her money for her care is what is suppose to happen not as most people want to do which is leave large sums of money for their children-people need to get their head around that are savings are to be used for our care as we age.

milliesh

Mar 6, 2012

I am power of attorney for a patient in a nursing home on medicaid. The nursing home alerted me that my person is getting close to being over the money limit in his account so I needed to withdraw 400.00 . Now do I have to spend all of this immediately on him or can I spend it down as he needs things and then turn in all receipts when the entire 400.00 is gone ? I only use the money on him. please answer soon thank you.

lorain

4 days ago

my mom and I have a joint cd account and a joint checking account. Both were established over 15 years ago. Am I entitled to keep my share if my Mom is applying for Medicaid and needs to spend down?