What Is Medicaid Spend-Down in Georgia?
Medicaid is a program jointly administered by federal and state authorities that provides certain benefits for eligible individuals, including expenses for long-term care and nursing home care. Rigid income and asset eligibility requirements are part of the complicated rules and regulations that govern the program.
In some situations, an individual may appear not to meet eligibility limits but careful implementation of a strategy referred to as “Medicaid spend-down” may enable a person to achieve eligibility for benefits. A spend-down strategy should only be used with assistance from an experienced Medicaid planning attorney and should not be attempted without professional assistance. Our Medicaid planning professionals at Asset Protection and Elder Law of Georgia have the experience and knowledge to help clients with implementation of a Medicaid spend-down program as part of achieving eligibility for benefits, as well as other aspects of Medicaid eligibility and benefits.
Medicaid Eligibility Guidelines
To be eligible for Medicaid long-term care and nursing home benefits, an individual must meet very strict income and asset guidelines. Medicaid rules provide opportunities and strategies for achieving eligibility in certain circumstances. A person should not attempt to achieve eligibility on their own without assistance from a knowledgeable Medicaid planning professional. Doing so without proper guidance could result in substantial mistakes and errors that may even jeopardize eligibility entirely.
In addition to the potential benefits and pitfalls of a Medicaid spend-down strategy, an individual should not attempt to achieve Medicaid eligibility by transferring assets without getting trustworthy advice from a Medicaid planning professional. There is a five-year look-back period for transfers, which can affect Medicaid eligibility and result in a penalty for a specific period of time.
How the Medicaid Spend-Down Process Works
The determination of whether and to what extent assets or income can be spent-down is a decision that must be made on an individual case basis. The potentially eligible person must evaluate their financial circumstances and needs by working with a qualified Medicaid planning professional.
Different types of assets and income may be eligible for spend-down under Medicaid spend-down rules. Spend-down usually refers to assets, although it can refer to income in some situations. Generally, permissible spend-down items must be used solely for the benefit of the Medicaid applicant, not for another family member or person. For example, spend-down can be used to pay for medical or personal items not covered by Medicaid or Medicare, communication devices, entertainment resources, home improvements and modifications, and more.
To determine your eligibility for Medicare long-term care or nursing home costs, and for using a spend-down approach to achieve asset or income eligibility, you should discuss your financial and personal situation with an experienced Medicaid planning professional. Your advisor helps you ascertain the most suitable approach for your unique circumstances, and then works with you to implement the strategy that you choose after you decide on an option for moving ahead.
Talk With Our Georgia Medicaid Planning Attorneys
At Asset Protection and Elder Care of Georgia, our Medicaid planning attorneys have the in-depth knowledge and experience in Medicaid rules and regulations that apply to benefits for nursing home and long-term care. In our Cartersville practice at Asset Protection & Elder Law of Georgia, we help seniors and their families address all the unique needs of aging adults. Medicaid planning and nursing home planning are an important part of our services. If you need to plan for Medicaid, nursing home care, and other long-term needs for yourself or a loved one, we can answer all your questions and help you make the right decisions.
We provide Medicaid planning services to clients throughout the communities northwest of Atlanta, including in Bartow County, Cobb County, Cherokee County, Gordon County, Floyd County and Paulding County. Call us at (770) 382-0984 or contact us through our online form.
