Florida Elder Law Attorney Helps Families Understand Medicaid Guidelines
Many people who enter or live in a nursing home or long-term care facility for any length of time will need financial assistance at some point. Medicaid is the federal program that helps seniors pay for the cost of a nursing home when their own resources have been depleted.
With careful advance planning and the use of special needs trusts (and perhaps some gifting strategies), you can meet the Medicaid guideline hurdles for long-term care. It is extremely important, however, that you get good legal advice before you attempt to spend-down or transfer assets. Doing the wrong thing, or the right thing in the wrong way can disqualify you from getting assistance for months, or even years.
Estate planning attorney Susan M. Charles holds an LL.M. (Master of Laws advanced law degree) in Elder Law, and is a member of the National Academy of Elder Law Attorneys. She coordinates Medicaid planning with a comprehensive estate plan to ensure every part of your plan works together to achieve your goal of Medicaid qualification for long-term care.
Call The Charles Law Offices at 866.607.6531 or contact us online to schedule a free initial consultation.
AV Preeminent* rated, Master of Laws in Elder Law, member of the National Academy of Elder Law Attorneys (NAELA), member of the Academy of Florida Elder Law Attorneys (AFELA)
Be Careful Not to Disqualify Yourself From Medicaid Qualification
One of the most common mistakes people make is with the transfer of assets. While federal law may allow for the untaxed transfer of money to heirs, this is unrelated to Medicaid eligibility. If you improperly transfer assets within five (5) years of entry into a nursing home, you face both disqualification and penalties. The number of months for which you may be disqualified from funding is determined by dividing the total dollar amount given away during the look-back period (5 five years) by $5,000.
Florida Medicaid Guidelines
In order to qualify for Medicaid assistance you must meet a medical necessity requirement.
Single person: Monthly income of $2,022 or less, and (non-exempt) assets of $2,000 or less.
Married couple with one spouse in nursing home: Monthly income of $2,022 for spouse in nursing home and unlimited monthly income for spouse living in the home, and maximum (non-exempt) assets of $109,540 or less.
Married couple with both spouses in the nursing facility: Combined monthly income of $3,618 and combined non-exempt assets of $3,000 or less.
If you have questions about whether you fit the Medicaid guidelines for long-term care in a nursing home, contact us online to schedule a free initial consultation with a lawyer at one of our four Florida law offices, or call.
Offices in Clearwater - Largo - St. Petersburg
*AV Preeminent and BV Distinguished are certification marks of Reed Elsevier Properties Inc., used in accordance with the Martindale-Hubbell certification procedures, standards and policies. Martindale-Hubbell is the facilitator of a peer review rating process. Ratings reflect the confidential opinions of members of the bar and the judiciary. Martindale-Hubbell ratings fall into two categories: legal ability and general ethical standards.
