Do you know the requirements to qualify for Medicaid?
Medicaid is an important tool to help provide long-term care for those who cannot afford it. The costs of being in a nursing home can almost be insurmountable, sometimes reaching approximately $6,000 a month depending on your facility and geographical region. For the majorly wealthy, perhaps this is not a concern, but for your average person, this can be a heavy load to undertake. Fortunately, through the Medicaid program, anyone can have the appropriate care they need without having to deplete their life savings. The key is to qualify.
In order to qualify for Medicaid, you have to meet the asset and income limits provided for under the law. In Florida, to qualify for Medicaid assistance, a single person’s gross monthly income may not exceed $2,523.00. Furthermore, a single person applying for Medicaid benefits cannot have assets in excess of $2,000.00. Please note that for a married couple, these limits are different. For instance, the income limits for a married couple are $5,046 a month while the asset limit for a married couple is $3,000. For many people, being able to attain such limits may be difficult, but your Florida Elder Law attorney can help guide you on different techniques provided for under the law which can help you reach these Medicaid Limits.
To help qualify you for Medicaid, you Florida Elder Law attorney may suggest creating what’s known as a Qualified Income Trust (a “QIT”). With a QIT, a portion of your income can be sheltered so as to legally keep it from being counted toward your income limits for Medicaid purposes. The same is true for assets. Through appropriate trust planning, your Florida estate planning attorney can help title your assets in such a way that your assets will not legally be counted toward the Medicaid limit requirements.
Please note that some assets and income sources are exempt from being counted toward your Medicaid limits. It is important to get in touch with a qualified attorney to help guide you through the Medicaid application processes. Also, these limits are different if you are dealing with a married couple.
Barreau Legal, PLLC is a Port St. Lucie based elder law firm which has the background and knowledge to craft a solid estate plan and probate administration skills to help preserve your legacy for generations to come. If you have concerns about how your assets will pass when you die or keeping your estate out of probate, please reach out to Barreau Legal, PLLC for a free consultation at 772-236-5204 or jamy@blegalfl.com.