How seniors may plan to qualify for Florida Medicaid

On Behalf of | Feb 11, 2022 | Firm News

Florida residents in need of Medicaid to help with long-term care must meet the eligibility requirements set on January 1, 2022. The American Council on Aging reports that income and asset limits have changed.

Florida Medicaid provides funding for seniors to remain in their own homes. Qualified individuals may receive financial assistance through a health care program funded by the state and federal government. Benefits may include support for services from nursing homes or assisted living facilities. Medicaid may also cover certain non-medical services.

Review income and asset limits for 2022

The state of Florida determines eligibility and coverage for Medicaid. Single and married residents may qualify for Nursing Home Medicaid benefits, but each applicant must have income less than $2,523 per month.

The value of a single applicant’s assets may not exceed $2,000. Married couples applying for Medicaid, cannot own assets worth more than $3,000 when combined. If only one spouse applies for benefits, the value of his or her separate assets cannot exceed $2,000. The non-applicant spouse may own no more than $137,400 in assets.

Restructure assets to qualify

Kiplinger’s Personal Finance notes that Medicaid looks back at an applicant’s past five years of financial information. Because of the five-year time frame, applicants may plan in advance to restructure their assets so that they may qualify in the future.

An asset protection or “Medicaid” trust, for example, could allow individuals to transfer their stocks and bonds into it. Doing so may reduce the value of assets owned in time to qualify for Florida Medicaid. Spouses may also transfer assets between each other, which may result in an applicant spouse meeting the eligibility requirements.

Florida offers seniors financial assistance to receive long-term care. Before applying, Sunshine State residents may need to review their income and assets to determine when they may qualify.