When a person is facing the prospect of paying for long-term care, that person may eventually turn to Medicaid to cover those costs after running out of money.
Medicaid is correctly understood as a payor of last resort. Generally, this means that the ability to collect from other sources like long-term care insurance, veterans benefits, and a patient’s personal monthly income are exhausted before Medicaid will cover long-term care costs.
To qualify for Medicaid, a person must generally be medically eligible and financially eligible by having only $2,000 in assets. For married couples, an at-home spouse (“Community Spouse”) may retain additional assets.
Even when couples and individuals have adequately planned for long-term care before turning to Medicaid, many families are faced with the prospect of having to spend down money in order to qualify. However, a lot of families have questions on how that money can be spent.
During a Medicaid spend-down, individuals and couples may consider spending money on these items:
City Club, Event Center On The Market For $7.5 Million
Emma Dill
-
Apr 16, 2024
|
|
Wilmington Tech Company Tapped For Federal Forestry Contract
Audrey Elsberry
-
Apr 15, 2024
|
|
Commercial Real Estate Firm Promotes Adams, Mitchell To Vice President Roles
Staff Reports
-
Apr 16, 2024
|
|
New Hanover Industrial Park To Get $3.3M In Incentives For Expansion, New Jobs
Emma Dill
-
Apr 15, 2024
|
|
Gravette Named Executive Director Of Nir Family YMCA
Staff Reports
-
Apr 16, 2024
|
W.R. Rayson is a family-owned manufacturer and converter of disposable paper products used in the dental, medical laboratory and beauty indu...
Baristas are incorporating craft cocktail techniques into show-stopping coffee drinks, and bartenders are mixing espresso and coffee liqueur...
“My mission and my goal is to take my love of marine science, marine ecosystem and coastal ecosystems and bring that to students and teacher...
The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.