US EditionA Medicaid 'Spend Down' May Get an Older Person Long-Term Care Coverage but Isn't a DIY Strategy
Experts recommend professional guidance for navigating Medicaid spend-down to protect assets and ensure eligibility amid complex income and asset restrictions, with costs often exceeding $100,000 annually.
- Medicaid eligibility remains strict, generally requiring assets below $2,000 and monthly income below $2,800 to $3,000, while nursing home costs average roughly $111,000 annually, according to Genworth Financial.
- Because Medicare generally does not cover long-term support services, families often employ a "spend down" strategy to systematically reduce assets and meet eligibility thresholds.
- Advising against "do it yourself" planning, Eric Carlson, director of long-term services and supports advocacy with Justice in Aging, warns that improper asset transfers trigger a five-year "look back" policy.
- More than 30 states offer "medically needy" programs, allowing applicants to legitimately reduce countable assets by prepaying funeral costs or paying down debt to qualify.
- With AHIP estimating that only 3% to 4% of Americans over 50 hold private extended care policies, experts suggest purchasing coverage in one's late 40s or early 50s.
21 Articles
21 Articles
The Columbian
VINnewsA Medicaid ‘spend down’ may get an older person long-term care coverage but isn’t a DIY strategy
The U.S. Department of Health and Human Services estimates that more than half people over age 65 will need help with daily activities such as bathing, dressing or eating at some point, either for an extended period or the rest of their lives. Some research suggests that share may be as high as two-thirds. Read more...
Be Well: Medicaid ‘spend down’ strategy can cover high long-term care costs. But do not go it alone
The U.S. Department of Health and Human Services estimates that more than half people over age 65 will need help with daily activities such as bathing, dressing or eating at some point, either for an extended period or the rest…
Associated Press News
A Medicaid 'spend down' may get an older person long-term care coverage but isn't a DIY strategy
Many older Americans end up relying on Medicaid for long-term care because Medicare rarely covers daily help like bathing or eating.
9NEWS Denver
Be Well: Medicaid 'spend down' strategy can cover high long-term care costs. But do not go it alone
Many older Americans end up relying on Medicaid for long-term care because Medicare rarely covers daily help like bathing or eating. In order to get one qualified...
A Medicaid ‘spend down’ may get an older person long-term care coverage but isn’t a DIY strategy - Regional Media News
The U.S. Department of Health and Human Services estimates that more than half people over age 65 will need help with daily activities such as bathing, dressing or eating at some point, either for an extended period or the rest of their lives. Some research suggests that share may be as high as two-thirds. Yet relatively few older Americans have private long-term care coverage. AHIP, a trade association representing the U.S. health insurance ind…
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