A Medicaid spend down stops an eviction.
A family contacted Life Care Funding about their mother who was in a nursing home and was facing eviction. The daughter became overwhelmed with handling her mother affairs. They owned a $45,000 life insurance policy with $14,000 of Cash Surrender Value. The Medicaid office informed them that until they liquidated the policy and spent it down on care she would be unable to qualify for Medicaid. They already owed the nursing home money but they family was able to reach a win-win arrangement to keep their mother from having to move out. They traded-in the life insurance policy to enroll in the Life Care Funding Long Term Care Benefit plan for a higher amount than the cash surrender value. They were then able to extend their mother’s stay by spending down at a Medicaid qualified private pay rate while they applied for Medicaid to pay for the costs once the Life Care Funding Benefit was finished.
Monthly Benefit – $4859.33/Doctor’s Healthcare & $716/Pharmerica
Benefit Period -3 months
Funeral Benefit – $2250