At the Mission at Agua Fria, we understand that the costs of assisted living are high and may cause a financial burden for your family. This is why we want to help you manage the cost of assisted living and figure out how you can pay for care at the Mission at Agua Fria. We understand that you are already going through a stressful time, and we want to make it less stressful for you in any way we can.
Medicaid is a primary way to pay for long-term care costs. However, to be eligible for Medicaid long-term care, the future resident must have assets and income that fall under a specified amount. For instance, in Arizona, to apply for such benefits, a single person has an income limit of $2,382 per month and an asset limit of $2,000.
If you don’t meet the requirements for Medicaid, it’s possible to become eligible by “spending down.” This means that the future resident must spend their financial resources down to reach the maximum limit allowed to qualify for Medicaid long-term care. This is one of the primary methods of payment at the Mission at Agua Fria. There are two different types of spending down—asset spend down and income spend down.
Asset Spend Down
The spend-down program is much more common in terms of assets rather than income. To qualify for Medicaid, the future resident must have assets under a certain amount, varying by state. The first thing to do is look into which assets may be exempt from this count, such as the person’s primary home if they and/or their spouse are living in it. Once this has been taken into consideration, if you’re still over the limit, you will need to start “spending down” on these assets until you hit the Medicaid asset limit.
It’s important to keep in mind that Medicaid does have a look-back period, in which they will see what you have transferred to others during this time, so it’s important to proceed with caution.
Income Spend Down
Many states, Arizona included, have an income spend-down option, which means that even if your income is above the qualifying limit for Medicaid, there’s still a path for you to take to apply. Through this program, future residents can spend any excess income they have on expenses like health insurance premiums, past medical charges, prescription medications, and other medical charges. As long as the excess income is spent on such medical expenses, they will become eligible for Medicaid for the rest of the spend-down period, which is typically between one and six months.
As you can see, there are ways to help you pay for care costs at the Mission at Agua Fria. Even if you don’t immediately qualify for Medicaid, you can spend down until you are, which will help ease the burden of financial costs.