Medicaid planning is a crucial part of preparing for your elderly loved one to enter a nursing home. Many people mistakenly believe that in order to qualify for Medicaid-provided nursing home care, they must be in poverty. This is far from the truth; however, Medicaid does have limits on assets. In order to qualify for Medicaid-provided nursing home care, an individual can engage in a Medicaid spend down.
What Are Non-Countable Assets?
In order to ensure that you meet Florida’s Medicaid asset requirements to receive Medicaid-provided nursing home care, you can spend down your money on “non-countable” assets. Putting money in a savings account would be considered a “countable” asset. However, by spending that money on things that cannot be counted against you, you can reduce your assets enough to qualify. Examples of non-countable assets include but are not limited to:
- Funeral pre-planning
- Repairing your home
- Paying your mortgage off
- Purchasing a new home
- Purchasing new furnishings for your home
- Replacing your car
- Paying for additional home care
Are There Alternatives to a Medicaid Spend Down?
In some cases, going through the Medicaid spend down process is not the best maneuver for an elderly individual. Alternatives to a Medicaid spend down include setting up an irrevocable living trust, or transferring assets to family members at a fair market value. However, in order to avoid taxes and to ensure that you are abiding by state and federal regulations, it is critical to work with an experienced elder law attorney who understands the Medicaid spend down process.
Contact Lehn Law, P.A.
At Lehn Law, P.A., we have worked on Medicaid planning with numerous families and individuals. We understand that every person’s health and financial circumstances are unique, and we are dedicated to helping you discover the right path for you. We can help you examine your assets and compare them to the Medicaid regulations, and we’ll guide you through the necessary steps to ensure that you reach a level where you qualify for the maximum available benefits. If you’re married, we will take into account the need for your spouse to continue to have enough assets to live on. Contact us today to learn more about the Medicaid spend down process or about Medicaid planning in general. Call now for a consultation at (941) 255-5346, (941) 487-7100, (941) 429-5738, or (941) 782-9494. We’re ready now to assist you.