Why Do Parents Put Assets in Children's Names? Many Jacksonville parents consider transferring assets to…
I’m NOT in a Low-Income Bracket, I Couldn’t Possibly Qualify for Medicaid, Think Again!
I’m NOT in a Low-Income Bracket, I Couldn’t Possibly Qualify for Medicaid, Think Again! Think you make too much money to be eligible for Medicaid? Have too many assets and too much savings? Think Medicaid is only for the poor and less fortunate? Think again! Medicaid for some is a best kept secret. It has long been stigmatized as a program for the poor and less fortunate, but Medicaid also exists for people who are Pregnant, or are responsible for a child 18 years of age or younger, or for the Blind, or those who have a disability or a family member in your household with a disability, or if you are 65 years of age or older.
Being an Elder Law Attorney, we will focus more on Medicaid eligibility requirements for seniors, but the related articles also touch on the other eligibility requirements as well for others. We also are professionals in Special Needs Trusts and Planning, which falls into the category of those with disabilities. We have over 20 years of experience exclusively in Elder Law and Estate Planning. those are the only area’s our Attorney practices so he is an expert on these areas. Let us show you how Medicaid can be a valuable asset in helping in your long term planning and helping to protect the assets you’ve worked so hard to obtain. Our Attorney knows Medicare and how it works and how it can be advantageous to your specific scenario.
Florida Medicaid Eligibility Requirements For Seniors
What is Medicaid?
Medicaid is a jointly funded, Federal-State health care program for persons who are financially eligible. Medicaid provides care for acute medical needs, rehabilitation, and long-term care at home and in nursing homes. There are also numerous community-based programs, including adult day care, and assistance with local transportation.
Does Medicaid Pay for Long-term Care?
Yes, Medicaid pays for long-term care in a nursing home. In a few states it also pays for long-term senior care in the home. Medicare on the other hand, does not pay for long-term care.
If I Give Away My House and All My Money Will I Qualify?
Not anymore. There is a 5-year look-back law now. Uncle Sam can find your money and make you pay. You should consult an Elder-law attorney to understand the acceptable ways to “spend-down” assets to qualify for Medicaid as a low-income senior. You can gift some assets, within limits, to a beneficiary, but you should remember that these assets will no longer be in your control. Also, remember that the leading type of elder abuse is financial, many times by a family member. Spousal poverty protection laws have been passed to allow the spouse of a senior who needs long-term nursing home care to maintain usually up to 50% of the couple’s assets.
How do I apply?Applications are available through your state Medicaid program. but it is very helpful to seek the advice of an attorney to help you navigate this process.
How soon will coverage start?
Coverage can possibly begin from 3-months prior to the application’s approval. Applications sometimes take longer than expected. You should ask about the usual approval timeframe when you submit your initial application for Medicaid coverage.
What is the minimum asset requirement to qualify?
Asset requirements are usually limited at $2,000.00, but your Attorney will know what is specific to you and your situation.
Does Medicaid long-term care have a limit?
No, Medicaid will pay for long-term care in a nursing home for as long as a senior qualifies for needing the care, even if this means multiple years of care until death.
Medicaid ServicesFlorida Agency for Health Care Administration
Florida Medicaid Services
Read more related articles here:
Also, read one of our previous Blogs here:
Click here to check out our On Demand Video about Estate Planning.