Medicaid Spend-Down: Planning for Long-Term Care

As baby boomers age, many face the reality of needing long-term care, yet only a small percentage have private insurance. Medicare doesnt cover ongoing care, leaving families to rely on savings, unpaid care, or Medicaid. A deliberate Medicaid spend-down approach is gaining traction, involving systematic use of assets on legitimate expenses to qualify faster. Care costs are high, with home health aides averaging $78,000 a year and nursing homes topping $111,000. Median savings for those aged 65-74 are $200,000, gone in a couple of years without a plan. States handle Medicaid differently, with income and asset limits, and a five-year lookback for shady transfers. Starting a long-term care policy in your late forties or early fifties could help cover future costs.

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