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:
Vantaca’s Balancing Act
Audrey Elsberry
-
May 17, 2024
|
|
Channel, UNC Law School Aid Wilmington Small Businesses
Audrey Elsberry
-
May 16, 2024
|
|
Developers Mark Opening Of $78M Apartment Project At Riverlights
Staff Reports
-
May 17, 2024
|
|
Two Apartment Projects Pitched For Kerr Avenue
Emma Dill
-
May 17, 2024
|
|
As Hurricane Season Heats Up, How Do Builders, Laws Prep Homes For Storms?
Emma Dill
-
May 17, 2024
|
A museum would continue to support those military families and honor submarine veterans but also serve as a way to provide science and math...
Ocean City Beach was established in 1949 and became the first community in the state where Black people could purchase oceanfront property....
“We want to swing big, and we have a vision of building a really massive company that is the industry standard for software in our space."...
The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.