Specializing in Florida Medicaid Planning and Veteran Benefit Planning
Broward (954) 472-5556 or Palm Beach (561) 406-6886
Most people wrongly interpret the financial eligibility thresholds for these programs and therefore miss out on this life-changing benefit. There are many exemptions and allowable asset restructuring options that can provide benefits to families who otherwise assumed they had too many assets to qualify for this program.
Like many states, Florida's Medicaid program can help eligible patients and their families defray the cost of assisted living and nursing home care. the two programs specifically are the Medicaid Waiver Program and the Institutional Care Program (ICP). In order to qualify for the available programs, recipients must meet both medically necessary criteria and the financial eligibility threshold.
The Statewide Medicaid Managed Care Program, a third party company that has a contract with the State Florida, provides patients with a rent reduction of up to $1,200 per month at participating assisted living facilities.
For the Institutional Care Program, Medicaid will cover the entire cost over and above the patient responsibility for a licensed nursing home.
MEDICAID ELIGIBILITY REQUIREMENTS
INCOME - $2,313 Gross Monthly Income
If fixed income exceeds $2,313, an INCOME TRUST is required
ASSETS - less than $2,000 plus IRA
IRA's MUST pay a monthly distribution to be excluded
MEDICAL - Must be Medically qualified, as determined by the Dept of Elder Affairs, CARES Team
INCOME - No Limit
ASSETS - $126,420
EXEMPT ASSETS = CAR, BURIAL, HOMESTEAD WITH EQUITY UP TO $585,000, IRA
ALL TRANSFERS OF ANY ASSETS or GIFTS WILL BE "REVIEWED" FOR A PERIOD OF 60 MONTHS FROM THE DATE OF NURSING HOME PLACEMENT. ONLY ASSETS TRANSFERRED TO A SPOUSE ARE ALLOWED.