Seniors can often struggle with income and finances as they quit working and no longer have access to their employer-provided insurance or can no longer afford the premiums. Many seniors can qualify for Medicaid, which covers long-term care, including nursing homes, sometimes at no cost to the seniors. A Medicaid planning attorney in Lakewood Ranch FL can help you determine if you are qualified or not. Still, there are some guidelines that Medicaid outlines to help figure out eligibility.
Countable Assets- Nursing home residents applying for Medicaid can only have so much in assets to be eligible. Today that countable measurement is no more than $2,000 for individual and up to $128,640 in asset eligibility for married couple per federal guidelines but can change from state-to-state or as legislation changes since the program is state-run.
A Medicaid Planning Attorney in Lakewood Ranch FL would assist you in assessing the assets,
including in countable assets, include everything the nursing home resident owns except for the following:
- Personal possessions including clothing and furniture
- One motor vehicle that is used for transporting the applicant
- The principal residence of the applicant as long as it is in the same state
- Prepaid funeral plans including plots and caskets
- Some life insurance
- And other inaccessible assets
- In Florida – IRA’s 401Ks and other tax qualified plans may only be counted as income rather than asset.
One thing to keep in mind is that to qualify for Medicaid, you cannot have transferred assets recently that, in turn, puts you in the position to have less than $2,000 per month in assets. There are federal laws that limit transferring assets and govern income qualifications for Medicaid. A Medicaid planning attorney in Lakewood Ranch Fl can help you determine if you qualify!
If you’re interested in Medicaid for seniors, call the Law Offices of Kimberly K. Muenter at 941-567-1671.