what is spending down your assets to qualify for medicaid

Question

what is spending down your assets to qualify for medicaid

Answer

Medicaid is government assistance to individuals who do not have sufficient asets to pay for some types of benefits or medical care. Therefore, if you have too much money or other assets, you can't qualify for some Medicaid programs. For instance, if a person wants nursing home care to b paid by Medicaid, the person has to first spend their own assets to a level set by Medicaid. The levels depend on the type of assets (home vs. cash) and the marital status of the person.