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Understanding Medicaid Spend Down

For millions of seniors, Medicaid offers financial assistance, helping them to cover the cost of long-term care services. That's because long-term care can be extremely costly.

To qualify for Medicaid, you may need to carry out certain actions at least five years prior to when you apply. That's because most state Medicaid agencies will look back at the five years leading up to when you submit your application for the program.

If you happened to make certain purchases or gifts during this so-called “lookback” period, you could end up facing a penalty. Unfortunately, these penalties could mean you have to wait months, or even years, before you become eligible for Medicaid.

Learn more about "spending down" assets to meet the Medicaid limit.

The key is working with an elder law attorney.

If you have questions or would like more information on options for protecting assets and preparing to qualify for Medicaid assistance, give us a call at (605) 275-5665.