A spenddown is the difference between your countable income and the income limit for the medical program. If your countable income is more than the set limit for your household size, Utah Medicaid allows you to spend down to the income limit to be eligible for Medicaid.

Do assets disqualify you from Medicaid?

Most of the government programs that qualify you for Medicaid use an asset test. SSI sets the standard. Not everything you own will count toward your assets. If you have too many assets, you will need to spend down before you will be eligible for Medicaid.

How do you protect assets from Medicaid spend down?

Set up properly, an irrevocable Medicaid trust protects your assets from a Medicaid spend down. It allows you to qualify for long-term care at the same time. It also means your assets can pass down to your spouse and children when you die. That is, if it is so stated in the terms of the trust.

What is the Medicaid income limit for Utah?

The expansion extends Medicaid eligibility to Utah adults whose annual income is up to 138% of the federal poverty level ($17,608 for an individual or $36,156 for a family of four).

What is the asset limit for an unmarried individual under Utah Medicaid?

There is no income or asset limit. Retroactive coverage is allowed. An extension for Medicaid coverage, called Foster Care Independent Living, is available for youth through age 21 when they age out of foster care if they receive Independent Living Services through DCFS.

How can I protect my money from Medicaid?

5 Ways To Protect Your Money from Medicaid

1. Asset protection trust. Asset protection trusts are set up to protect your wealth.
2. Income trusts. When you apply for Medicaid, there is a strict limit on your income.
3. Promissory notes and private annuities.
4. Caregiver Agreement.
5. Spousal transfers.

Is there an asset limit for Medicaid in Utah?

It is vital that one does not give away assets or sell them for less than fair market value in an attempt to meet Medicaid’s asset limit. This is because Utah has a Medicaid Look-Back Period, which is 60 months (5 years) that immediately precedes one’s Medicaid application date.

When do I need to spend down my assets for Medicaid?

If the applicant’s income or countable assets exceed Medicaid’s financial limits in their state, it is possible to become eligible by “spending down” one’s income or assets to the point where they become financially eligible. However, there are Medicaid spend down rules about how one can legally spend down their financial resources.

What’s the look back period for Medicaid in Utah?

This is because Utah has a Medicaid Look-Back Period, which is 60 months (5 years) that immediately precedes one’s Medicaid application date. During this time frame, Medicaid checks all past transfers, including ones made by a non-applicant spouse, to ensure no assets were sold or given away for less than they are worth.

How can I reduce the value of my assets to qualify for Medicaid?

One misconception is that the only way to reduce the value of one’s assets is to spend them on the Medicaid applicant’s medical care. In reality, there are a wide range of expenditures that will reduce the value of the applicant’s estate that will enable Medicaid eligibility.