FL Medicaid Planning for Seniors
Florida Medicaid is not just for those with limited income or assets. Fortunately, the U.S. Congress and Florida law enables middle class and upper middle class families with substantial assets to qualify for Medicaid benefits for coverage of nursing homes or assisted living facilities. In Florida, the Florida rules determines who qualifies for Medicaid, what services will be covered, and how much will be paid for the services.
Medicaid serves approximately 2.3 million people in Florida, with over half of those being children and adolescents 20 years of age or younger.
We help seniors in Florida restructure their assets, so they may qualify for assistance under current Medicaid requirements, in order to help them pay for costly nursing home expenses or assisted living that can exceed $70,000 per year.
Even if you have hundreds of thousands of dollars in assets, you could still qualify for Medicaid Benefits for nursing homes or assisted living with the proper planning. Some assets are not counted, such as a home (up to $500,000), personal effects, wedding/engagement rings, medical equipment, and some types of burial funds. Additionally there are a variety of legal strategies that are available to restructure and protect assets, in order to quickly obtain Medicaid eligibility.
Eligibility for Medicaid in Florida can be strict, as the income and asset restrictions are very stringent; however, Medicaid rules allow placement of some items in an exempt category to obtain Medicaid eligibility. Only those assets in the non-exempt category will affect the person’s chances of being approved for Florida Medicaid.
This service is intended to help seniors and other Medicaid applicants move assets, property, and income belonging to the individual who needs assisted living or nursing home care from the non-exempt category to the exempt category, so that these items no longer affect the person’s eligibility for Medicaid.
The Medicaid program is funded by state and federal funds, with the counties contributing to the cost of inpatient hospital and nursing facility services.
The key to Medicaid planning in Florida is to act quickly. Failure to act could eventually cost a considerable amount of money. The average cost of a nursing home in Florida is over $5,000 a month.