It’s not uncommon to discover that you have too many assets when you are first trying to qualify for Medicaid. In fact, as an increasing number of adults are helping aging parents, this is actually one of the biggest challenges in terms of preparing for long term care. In order to meet qualification guidelines, the applicant must have insufficient assets on their own.
First off, make sure you work with an experienced elder law firm so that you are aware what assets should be “spent down” and which ones don’t have to be counted to begin with. Household goods, some prepaid burial and funeral expenses, the home, personal effects, and others may qualify as “non-countable” personal assets and shouldn’t be spent down. An experienced elder law firm can tell you what assets should be spent and which ones should be left alone.
Here are a few tips to help you get the most out of qualifying for Medicaid:
- Spend money on home improvements. If your home is exempt, you may be able to make plumbing repairs that would be considered “allowable”.
- Funeral and burial expenses may be “pre-paid”, thus taking care of an important need ahead of time. Work directly with your estate planning specialist and elder law professionals to determine your state’s limits.
Details are crucial in Medicaid qualification, so you should reach out for help as soon as possible to ensure that you are following guidelines. Contact our offices today at firstname.lastname@example.org to learn more about Medicaid and other elder law issues.