Medicaid Eligibility And Assets

Summary

In Colorado, Medicaid eligibility can be influenced by asset management strategies like spend down programs. Paying down a mortgage generally doesnt trigger the 5-year look-back period, while transferring assets to an irrevocable trust might. Selling a home and using proceeds to buy another primary residence for disability needs typically doesnt affect eligibility. Consulting a Medicaid planner or elder law attorney can provide personalized guidance. Consider asking about the spend down process, mortgage implications, asset transfers, Medicaid programs for aging in place, and home purchase considerations.

Full Conversation

Well I am on Medicare and do not qualify for Mfedicaid UNLESS I can do a pend down and I am not sure how to go about that. I want to age in place. No way I will go to anursing home. So it is as if I am alone. Can you explain my options
It sounds like you're exploring options to qualify for Medicaid through a "spend down" process in Colorado. Here's a brief overview:
- Spend Down Program: Allows individuals to deduct medical expenses from their income to meet Medicaid eligibility.
- Elderly, Blind, and Disabled (EBD) Waivers: Offers home-based services for those who qualify.
Consulting a Medicaid planner or elder law attorney can guide you through the spend down process. Would you like help finding a local expert?
Yes but not wanting to waste my time or theres. I have a mortgage on my hpuse, can I put a large chink of money tpwrds that to have less money in my bank or put it in a irrevocable trsut? Woud they both be subject to a 5 year look back period?
In Colorado, transferring assets to qualify for Medicaid can indeed trigger a *-year look-back period. Here's a brief overview:
- Paying Down Mortgage: Reducing your mortgage doesn't usually count as a disqualifying transfer.
- Irrevocable Trust: Transfers to an irrevocable trust may be subject to the *-year look-back.
It's advisable to consult with a Medicaid planner or elder law attorney for personalized advice. Would you like assistance in finding an expert?
Almost. Please explain the mortgage option?
Case Rating: *
In Colorado, paying down your mortgage is generally not considered a disqualifying transfer for Medicaid eligibility. It may help reduce your countable assets without triggering the *-year look-back period. Consulting with a Medicaid planner can provide personalized guidance tailored to your situation.
How about if I sell my house and put proceeds , almost all, into anither primary residence, stand alone home for my physical disability meeds?
Case Rating: *
In Colorado, selling your home and using the proceeds to purchase another primary residence typically doesn't affect Medicaid eligibility. The new home is still considered an exempt asset. However, consulting with a Medicaid planner or elder law attorney can provide specific guidance tailored to your needs.
What do I ask the elder law person?
Case Rating: *
When consulting with an elder law attorney, consider asking the following questions to ensure you have a thorough understanding of your options:
*. How does the spend down process work in my specific situation to qualify for Medicaid?
*. Can you explain any potential risks or benefits of paying down my mortgage in relation to Medicaid eligibility?
*. What are the implications of transferring assets to an irrevocable trust concerning the *-year look-back period?
*. Are there any specific Medicaid programs that align with my desire to age in place?
*. What should I consider when selling my home and purchasing another residence for my disability needs?
These questions will help you explore your options and make informed decisions regarding your financial and healthcare planning.
Ok. I'll check that out! Thank you Free Law Chat! Have a great day
Case Rating: *
I'm glad you found the information helpful! If you need further assistance or have more questions in the future, feel free to reach out. Have a wonderful day!