Do I have to “spend down” my estate (money and property) to $2,000 in order to qualify for Medicaid coverage of long-term health care?
• ANSWER: Not necessarily. In order to qualify for Medicaid coverage of long-term health care, a patient must have less than $2,000 in “countable” assets. Because not all assets are countable, you may retain more than $2,000 worth of total assets. Importantly, countable assets may be converted to non-countable assets pursuant to Medicaid rules, allowing the patient’s estate to retain more assets and still obtain coverage of costs.
