{"id":6413,"date":"2023-08-25T21:19:06","date_gmt":"2023-08-25T21:19:06","guid":{"rendered":"https:\/\/cloud03.titletapsites.com\/testblog\/?p=6413"},"modified":"2023-08-25T21:40:34","modified_gmt":"2023-08-25T21:40:34","slug":"medicaid-planning","status":"publish","type":"post","link":"https:\/\/cloud03.titletapsites.com\/testblog\/blog\/medicaid-planning\/","title":{"rendered":"Medicaid Planning Strategies for Long-Term Care"},"content":{"rendered":"

Medicaid pays for almost half of the US\u2019s total nursing home costs. But for a senior to be eligible, they must meet the low-income requirements, which include having few assets.<\/p>\n

Additionally, Medicaid includes a look-back period to ensure the person\u2019s financial transactions made in that time frame comply with the rules. The look-back period is typically five years. So any transactions made in that five-year period before applying that do not comply with Medicaid\u2019s rules may be subject to a penalty or disqualify the person from benefits.<\/p>\n

However, with planning, you can protect some of your assets and your estate for your family or partner while still qualifying for Medicaid benefits.<\/p>\n

Here are some strategies and key information to help plan for Medicaid-eligible long-term care.<\/p>\n

Spousal protection rules<\/h2>\n

When making plans, knowing your state\u2019s spousal protection rules is important. For instance, spouses whose partner is a long-term care resident receiving Medicaid can keep all their income and some of their spouse\u2019s if they need the financial support. The amount a spouse may keep is part of the minimum monthly maintenance needs, and the specific amount varies by state.<\/p>\n

A certain amount of the marital couple\u2019s assets are also protected. But the specific amount also varies by state.<\/p>\n

Spend down your assets safely<\/h2>\n

Since Medicaid is a needs-based program, many people who apply initially have too many assets. Those individuals must first reduce the value of their assets, called spending down, before qualifying.<\/p>\n

But you often don\u2019t have to spend them on the Medicaid applicant\u2019s medical care. That said, while spending down is acceptable, each state differs on what it allows. So you want to consult your state\u2019s law or an estate planning lawyer before spending down to make sure you\u2019re following your state\u2019s guidelines.<\/p>\n

Here are some ways many states allow people to spend down.<\/p>\n