Medicaid Planning
At Long Term Care Consulting, Inc. we specialize in educating our clients on how to properly structure income and assets in order to meet the Medicaid requirements. By definition, Medicaid Planning is the restructuring of assets to shield and preserve them for either their spouse or other loved ones.
It is inevitable at some point, that many families will face the need to place loved ones into either an assisted living facility or a nursing home. Although the desire is often to keep them in a private home for as long as possible, financial and medical conditions may make this impossible.
Unfortunately, medical care costs for the elderly population are sky high and are continuing to rise. The monthly cost of an assisted living facility can range from $4000-$8,000, depending on the level of care required. The average annual cost of a nursing home can reach upwards of $100,000
Although some seniors purchase long term care insurance to help cover a portion of this cost, most do not. For those without coverage, the ongoing financial burden of a care facility often falls on the patient and their families.
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/Diversion 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 financial eligibility requirements for either program are the same and can be found here. Most people wrongly interpret the financial eligibility thresholds for these programs and therefore miss out on this life-changing benefit.
Medicaid provides an exemption status to a variety of assets, some well known like a homestead property up to $713,000 and others not as well known, like an IRA. Medicaid also has provisions for individuals whose monthly income exceeds the cap set forth by the State.
Our consultants complete a full review of all financial information and advise our clients on the Medicaid planning strategies that best fit their unique situation. Failing to plan correctly can often result in depleted assets for care, leaving nothing for the spouse or other loved ones. Please don't let this happen to you. Contact us today to discuss how we can help you through your time in need.
Specializing in Florida Medicaid Planning and Veteran Benefit Planning
Broward (954) 472-5556 or Palm Beach (561) 406-6886