Medical claims in your retirement years can quickly become higher than you can afford. Medicaid insurance can help prevent you from having to declare medical bankruptcy, but there are some qualifications for Medicaid you must know about before you apply.
The Medicaid Spend-Down
Medicaid is intended to help people with limited assets and income. If you have too much of either, you must dispose of the excess before qualifying. The good news is that the required spend-down of your assets does not count all of them. Some of them are countable, and others noncountable.PayingforSeniorCare says the following assets are countable: cash, checking and savings accounts, retirement accounts, a primary residence, investments in CDs, stocks, mutual funds, and bonds. Individual retirement accounts (IRAs) and 401(k)s may or may not be counted depending on where you live.
