Many individuals receive assistance by qualifying for Medicaid. If you need to do so, it is important to note that there are requirements you will have to meet. In Maryland, a single applicant can’t have monthly assets below $2,500. If you’re married, your asset total gets raised to $3,000. To help ensure you qualify for Medicaid, consider some of these spend-down strategies.
Renovate your home
Instead of going through the hassle of finding a new place, many people are renovating their homes. If your home needs updates or repairs, this spend down strategy is a great way to improve your property. Plus, these renovations can increase your home’s resale value.
Take care of your debts
Research shows that some senior citizens are retiring with lots of debt. Considering that, you can utilize a wise spend-down strategy by taking care of debt you put off in the past. By doing this, you’ll likely have a much easier time planning your financial future.
Set up a trust
While you’re qualifying for Medicaid, you might also be thinking about your financial legacy and what you’ll leave behind. During this time, many people who work in the elder law field might recommend establishing a trust. By putting assets in this trust, it can get used to help take care of your family after you pass away.
Repair your automobile
Chances are, your automobile might need some repairs or upgrades. If you need to spend down your assets, why not use them towards improving your automobile? You could also sell this automobile and use your assets to buy a new one.