You cannot be forced to spend down your money. Some choose to keep the money and live independently as long as possible. However, if you ever need long-term care, you must use that money and assets to pay for your care. You cannot use any funds from Medicaid before spending almost all your money on care.
This is why some people choose to spend down their money before they go into a long-term care facility. They want a last chance to enjoy life to the fullest and set themselves up for a great long-term stay.
Don’t wait too long to start your Medicaid planning. By being proactive, you can avoid costly mistakes. You can read more about elder law in my blog entitled, “Elder Law vs. Estate Planning.” Elder law is complicated. Please do not act based on blogs alone. See a reputable attorney to devise a plan that works for you.