If you have a parent or other family member who is in need of nursing home care or in-home care, you know that these services can be very costly. Nobody wants to be forced to compromise on the level of care a loved one needs only due to the lack of funds. Many older people may be able to qualify for Medicaid benefits to help provide for this type of care. However, qualifying for Medicaid may not always be a simple process.
As explained by U.S. News and World Report, in determining who may be eligible to receive Medicaid benefits for long-term care, agencies review multiple factors including a person’s monthly income and their overall pool of assets. A person may only earn a certain amount of money to qualify. Similarly, they may be forced to sell some assets and use the proceeds to pay for care before being able to receive assistance from Medicaid. Many people work on developing a strategy to spend down their income and their assets to ensure they receive the benefits they need.
If a person’s income exceeds the Medicaid threshold, they may still be eligible for some benefits if the excess income is used to pay for medical care or items.
If you would like to learn more about how you and your family may help an aging relative get the care they need as well as be able to afford that care through the receipt of Medicaid benefits, please feel free to visit the long-term care and Medicaid spend down page of our Colorado elder law website.