1. Medicaid is only for the poor: Sixty-five percent of people who receive Medicaid are from working families. The program was originally designed to provide coverage to welfare recipients, but it was separated from the welfare system in 1996.
2. Spend down means you must have used all resources before applying for Medicaid: With successful planning, that is not the case. Sixty percent of nursing home residents are not on Medicaid at the time of their admittance into a facility. With the average annual cost of nursing home care being $60,000, the longer an individual remains in a facility, the more likely they are to deplete their financial resources and qualify for Medicaid coverage. Even after individuals deplete their assets, they are still required to apply their income, including Social Security and pension checks, towards their care costs, except for an average monthly $30 personal needs allowance. At Swain Law Firm, we help you minimize the financial damage.
Separating Fact from Fiction