Key Considerations for a Medicaid Spend-down

Annual nursing home costs in Westchester County are $149,136 on average, according to the most recent information published by the New York Department of Health. This is a significant expenditure, especially when multiplied for each year of nursing home care, well beyond the financial resources of most New York residents. Small wonder that 63 percent of New Yorkers in nursing homes are dependent on Medicaid to pay for their care. In addition to nursing home care, Medicaid also pays for residential nursing services and assisted living facilities. For this reason, qualifying for Medicaid benefits is a reasonable and prudent part of many individuals’ financial and health care plans. The Medicaid spend-down Medicaid, funded jointly by federal and New York state governments, provides health care coverage for eligible low-income adults, children, pregnant women, elderly adults and people with disabilities. Although widely used by people of moderate means as a source of funding…

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