To qualify for Medicaid benefits, an individual cannot have more than $2,000 in “countable” assets. Married couples can only have $3,000 in countable assets. An applicant will be penalized over $9,000 per month until the excess assets or funds are accounted for, and only then will Medicaid pick up the bill for nursing home care. Also, Florida Medicaid will look back five years to determine whether assets or funds were transferred to qualify for Medicaid benefits, so you cannot simply give your assets or funds to another to qualify for Medicaid benefits. The Wheeler Firm helps clients preserve their assets by positioning assets and funds in a way that is exempt from consideration by Florida Medicaid, and not “countable” toward the asset limits. Many exemptions can be utilized even within the five-year look-back period. For example, applicants can have a home up to a certain value, certain levels of life insurance and burial plans that are not counted. Our elder law attorney can also draft family care agreements that allow applicants to transfer substantial sums of money to caregivers in exchange for caregiver services. Caregivers can be family or friends who are already providing care for loved ones. Many of these tactics can be employed in the days leading up to admission to a nursing home, or after an individual is already receiving care in the nursing home. With proper planning, you can protect your assets and funds from being drained to qualify for Medicaid benefits, and we can help! Call us at (850) 613-6923 to schedule a consultation.
