How to Spend Down Assets for Medicaid Eligibility in West Virginia

West Virginia Medicaid is health insurance offered to low-income individuals. Although Medicaid is a federally funded, each state has its own Medicaid program with specific requirements to receive coverage. In addition to falling within certain income guidelines, you must also meet the asset requirements. Individual West Virgina residents cannot have more than $2,000 in countable assets and couples are not allowed to exceed $3,000. For each additional household member, another $50 is added to the limit. Medicaid allows you to "spend down" your assets before applying for benefits.

Instructions

• 1

  Transfer assets in advance. If you think you will be needing Medicaid in the future, transfer your countable assets to family members while you can. The look-back period in West Virginia is 60 months. Medicaid will review your financial records for five years prior to the application date. As long as the assets are transferred before the look-back period, Medicaid will not deny your application.

• 2

  Pay-off your exempt assets. Medicaid does not count all assets. Exempt assets include your home and primary vehicle. If you carry loan on your property or vehicle, use your countable assets to pay off the balance. This allows you to spend your assets on something you get to keep.

• 3

  Upgrade your exempt assets. Since your primary residence is exempt, you may want to consider selling your current home and using the profit along with your assets to purchase a larger home. If moving is not an option, spend your assets on renovations. Since personal property is also exempt, decorate your home with new furnishings.

• 4

  Trade your car in for a newer model. Use your assets to pay the price difference for the new vehicle.