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Three spend-down strategies to qualify for Medicaid

On Behalf of | Jun 8, 2021 | Medicaid asset protection

Many people in Delaware receive the health care assistance they need by qualifying for Medicaid. This health insurance program helps people with all sorts of medical needs who find these expenses hard to pay for. However, your income will need to be at a certain level. If it’s not, you might meet Medicaid requirements by spending down your monthly assets. Here are a few helpful spend-down strategies.

Renovating your home

You might spend a lot of time at home. Why not spend down some of your assets to take care of your property? By doing this, you can improve the appearance of your home, and renovations can help increase your home’s resale value.

Paying down your debt

Most people have debt they’re working toward paying off. Unfortunately, debt is a problem that can follow many adults in their senior years. If you’re looking for a way to take care of Medicaid asset protection, it’s a good idea to pay down some of your debt.

Taking care of car repairs or upgrades

Another one of the helpful spend down strategies to qualify for Medicaid is to spend money on your automobile. Chances are that your car needs certain repairs or upgrades that you’ve put off for a while. If you need to spend down your assets, spending money on your car is a great way to achieve this goal.

There are several potential ways to spend down your assets to qualify for Medicaid. If you’d like to learn more about how to obtain Medicaid assistance, consider reaching out to a lawyer. A legal professional may offer advice about protecting your finances while getting the health care you need.