Medicaid:

Medicaid is a combination of both State and Federal funding to assist those with low income or assets to meet their Medical needs. There are two tests one must meet first. One is an Asset test and the other is a Income test. The Asset based test is for Real Estate, Investments etc. that one must meet in order to qualify for benefits. You also have assets such as your primary Florida home that is an Exempt Asset.

The Income test looks at your income from Social Security, Pensions, Investments etc.

Medicaid may be used to help you with Medicare cost, some drug cost, Long Term Care or final expense. Each Florida county has an office set up to assist those who need to apply. Consult your local phone book in your area for the number of that office. It normally is a part of the Health Department for the county.

Long Term Care is one of the most common reasons for seeking assistance from Medicaid. The potential high cost of unplanned Long Term Care can destroy any assets a person or couple may have. With out planning or bad advice the assets may be lost.  Seniors and their families have all heard that they must spend down all of their assets in order to qualify. Many times families will dispose of assets that they could have retained. The asset level is different for a single person or a married couple. There are certain assets that do not qualify in order to meet the asset test and are exempt. Income is very often the problem in qualifying and that can be handled properly in order to meet the income test. Note: A Married couple implies just that. If you have been with a person for 20 years and own joint assets, but not married, you are still considered a single person. Not being married, you also have no part of that persons care.

Guidelines

Assets that are Given Away with in the past 3 years are still considered as part of the applicants estate. Some gifting is still allowed. Gifting to a charity is approved. That which is transferred to a Trust in order to qualify has a 5 year look back, not 3 years. With Seniors Services and a local Attorney, we can help you qualify to help preserve the family assets.

You may have certain assets and still qualify. They include your primary home in the state of Florida, one car, $2,500 cash value in life insurance; $2,500 in a burial policy. For a married couple, you can have $99,250 in in nonexempt assets. For a single person however, it is only $2,000. A community spouse( the one at home) can have a MAX income of $2,489 per month. A single person may have $1,809. With a combined MAX of $3,618 per month.

If your income or assets are to high, there may be ways to work with it in order for you to qualify. Contact us and we will work with an attorney in your area to make the necessary adjustments. When you are looking at Medicaid to help cover the cost of your long Term Care, it is advisable to utilize an EDLER attorney or one who is experienced in Medicaid. There are other assets that are exempt from the asset test such as your home.

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