At first glance the eligibility requirements for attaining Florida Medicaid benefits for nursing home care may appear fairly uncomplicated. Unfortunately, meeting the necessary requirements regarding coverage for nursing home care can turn out to be quite complex, requiring the assistance of an experienced attorney. If you are attempting to secure Medicaid Nursing Home assistance there are specific income requirements you must meet as well as asset and categorical obligations.
WHAT IS MEDICAID AND HOW CAN IT HELP ME?
For those individuals who require medical and/or nursing home treatment, Medicaid is a federal and state program which can significantly assist those who can show true need. Once qualified, a person may be eligible for the state of Florida to pay the difference between their monthly income and the monthly nursing home expenses.
MEDICAID ELIGIBILITY REQUIREMENTS
If you meet the following requirements, you may be able to receive specific benefits for Florida Medicaid.
INCOME AND ASSET LIMITS FOR MEDICAID ELIGIBILITY
Keep the following information in mind when determining whether or not you or a loved one qualifies for Medicaid assistance:
Remember that every circumstance is different, and should be discussed in detail with a qualified attorney as the advice and recommendations may vary considerably from case to case.
CHALLENGES IN ATTAINING MEDICAID APPROVAL
Many people find it extremely challenging to meet the specific limitations set on income and property or possessions under Medicaid law. The income of the person applying for Medicaid Nursing Home benefits may not surpass $2,199 per month. When considering assets, the assets considered non-exempt may not exceed a value of $2,000. The spouse of a married applicant who resides in the same community is allowed assets up to the amount of $119,220.
EXEMPT MEDICAID ASSETS
STRATEGIES FOR MEDICAID QUALIFICATION
Unfortunately, many people desperately require Medicaid coverage in order to meet the considerable expenses of nursing home care, but will not immediately meet the asset and income test. These cases benefit the most from the services of an experienced and knowledgeable attorney who can develop strategies to allow qualification. These strategies may include the following:
The most crucial issue surrounding a Qualified Income Trust is management of the trust, meaning the income received monthly must be properly managed each month. Qualified Income Trusts are generally managed by an attorney who understands the importance of the monthly management. Creation and Implementation of the trust document must be in place in the same month application is being made for nursing home Medicaid eligibility.
The MacSim Firm can help you determine the best Medicaid Planning strategy that will work for your particular situation. We offer a FREE initial consultation that will answer many of the additional questions not covered here on our web site.