If you have substantial assets, is it best to spend down or save every bit?

If you scrimped, how long would your estate last as private pay? Would you have enough to last the rest of your life? Or would you likely to wind up on Medicaid (or whatever programs we have in the future) anyway after a few years?

How much would you have to deprive yourself to "save every bit"? To me, not doing some traveling now, while you can enjoy it, in order to live in a "better" care center when you might not notice or care isn't a good plan. But that reflects my values.

I join the other posters who urge you to consult an attorney specializing in Elder Law. Learn what your options are. When you decide what best suits your values and beliefs, the attorney can help you set up that way for your future.

Always better to take care of yourself rather than depend on the government!

Alexander4 - Your best bet is to see an elder law attorney in your area. I strongly recommend AGAINST soliciting information on ANY online forum about this topic. The reason I say this is that there is a LOT of mis-information out there concerning every aspect of this. I know this because I was working under a lot of misinformation that I'd been told by a lot of well meaning others about look back periods, etc. until I met with an elder law attorney and got the real scoop. Also, every one's (family's) financial situation is different and unique, and a good elder law attorney can best help when it comes to advising you about spending down (or NOT) assets, and/or protection of such assets. Also there are instruments such as Trusts that can be created if appropriate to help protect certain assets, about which a good elder law attorney can advise you. You can check with your local Bar Association and then check reviews written by clients online. Also word of mouth from someone who has worked with a particular elder law attorney is also good. Good luck.

There is a 5 year look back. What if you need a NH, in the meantime?

Medicaid is for those citizens that don't have substntial assets. Needing medicaid (to me) limits your options in care. I would continue to live in the fashion I always have and pray that I have enough for my long term care needs should that be necessary. In my area (NE) the doctors and facilities that accept Medicaid payments are far fewer than those accepting private pay or traditional health insurance. AND (sadly) many of those accepting those Medicaid payments are sub standard. I cannot understand those who would choose to put themselves (or family members) into that situation rather than having the broader array of choice available without Medicaid.

If you save it, you will never qualify for medicaid. That leaves you only one alternative.