Medicaid

To qualify for long-term Florida Medicaid benefits to cover nursing homes, in-home care, or care in some assisted living facilities, your assets must be less than the resource cap established by Medicaid. The simple solution would be to give everything to your kids, so you’d have no assets and you’d qualify for benefits. Of course, it doesn’t work that way. Rules penalize many property transfers made too close to the time someone wants to apply for Florida Medicaid. However, Medicaid planning attorneys know strategies to make the most of the opportunities allowed by the rules to help you conserve assets while establishing Medicaid eligibility. The key is to plan as much as possible. Look-Back Period To meet the asset limit for Florida Medicaid, you must have no more than $2,000 in “countable” assets. Your spouse is also limited in what they may own, even if they do not need care….

Florida Medicaid can provide funding to help cover the costs of long-term care, but the requirements make it seem like you have to use up all the money you have on care costs before Medicaid will be willing to pay any of your nursing home costs. Many people do just that. But they don’t have to. There are strategies to preserve assets while still establishing eligibility for long-term care benefits through Florida Medicaid. Overview of Medicaid Nursing Home Requirements Sometimes referred to as the Statewide Medicaid Managed Care program, Florida Medicaid offers a number of different long-term care programs to assist with long-term care for seniors. The benefits and eligibility requirements vary according to the program and factors such as marital status. However, one general rule to qualify for Medicaid assistance is the need to demonstrate a low level of income and a very limited number of assets. If you…