Jan 19, 2016 - 10:58 AM
Jan 19, 2016 - 10:59 AM
If you mother has significant assets, you should contact an Elder Law Attorney to assist with an pre-planning measures. You could possibly save up to and possibly more than 1/2 of your mother's estate and still qualify for Medicaid.
Jan 19, 2016 - 12:50 PM
Medicaid spend down is basically the process of using your own assets to pay for care until you no longer have any assets and qualify for Medicaid. As a part of the spend down process, it is important to identify "exempt assets" in your state, which do not count for eligibility purposes. It is prudent to spend money on these exempt assets first. The prime example of an exempt asset would be a prepaid burial plan. Timing is very important when it comes to long-term care planning, so it would be worth consulting with a professional (and the fees you pay that professional would be part of the spend down as well).