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Medicaid

Joint federal-state health program for low-income Americans.

What they don't tell you

Medicaid is the largest payer of long-term care in the US. To qualify, you generally have to spend down assets to a state-set limit (often $2,000-$3,000 for an individual). Look-back rules look five years backward at any asset transfers. The rules vary wildly by state and waiver type.

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