Medicaid Spend Down
Kalamazoo & Grand Rapids Medicaid Planning Attorneys
When someone requires nursing care, the costs can quickly deplete his or her financial resources. As a result, most people in nursing homes take action to qualify for Medicaid benefits. In order to qualify for Medicaid, you may need to legally spend-down your assets.
At Willis Law, we advise people about all aspects of Medicaid planning, including spend-downs. We can help you make sure that assets are properly spent down or transferred so you are not at risk for being penalized.
Do you have questions about Medicaid eligibility and spending down your assets? We have answers. Call us toll free at (888) 461-7744 to schedule a free initial consultation.
What Is a Medicaid Spend-Down?
In order to qualify for Medicaid to pay for nursing home care, a person must spend-down his or her assets to the qualifying level. Under current law, non-exempt assets must be reduced to $2,000. Non-exempt or countable assets usually include everything but a person's home and its contents, vehicle and burial items.
The money spent during a spend-down does not have to be for nursing home-related expenses. In fact, many people will purchase a newer vehicle, make home improvements or go on trips to reduce their countable assets.
Giving money away to loved ones is not part of a spend-down. Giving away assets is considered "divestment" and will result in a penalty period where Medicaid will not pay nursing home bills.
Our lawyers at Willis Law can review your options with you to ensure that you are in compliance with all Medicaid laws and not at risk for penalties.
Contact a Kalamazoo Medicaid Attorney Today
To learn more about your Medicaid spend-down planning options and the services we offer, contact us today for a free initial consultation. We have offices conveniently located in Kalamazoo, Grand Rapids and Paw Paw.