Florida Medicaid Spend Down Programs Reduce Excess Assets

If your assets exceed $2,000, long term care strategies can help you become Medicaid eligible

Medicaid is the medical assistance program that seniors rely on the most to help pay the rising cost of nursing home and other long-term medical care facilities. Florida seniors may be eligible for several different Medicaid long-term care programs. Each of these programs has slightly different eligibility requirements that vary with marital status.

When your assets exceed the eligibility requirements, you may be able to take advantage of long term care strategies, including a Medicaid spend-down program to help you qualify for Medicaid. You must meet all of the eligibility standards before you apply for Medicaid.

But, understanding the differences in Medicaid programs can be overwhelming.There are programs to help with medical bills, home care, assisted living and nursing home care.Even if your income and assets now exceed the eligibility limits, a qualified legal professional who is board certified in elder law can help you qualify.

Spend-down strategy to meet Florida Medicaid asset eligibility standards

An experienced elder law attorney can help you set up a program to plan for or spend down your assets on things that are not counted toward your Medicaid eligibility. This includes modifications to your home for accessibility (wheelchair ramps, for example), prepaying funeral and burial expenses and paying off debt.

When you apply for Medicaid, the state will review your financial records for the previous five years. That means that you may need to have a plan in place for your assets at least five years before you apply for Medicaid. This 5-year look-back period means you cannot just give away your assets or sell them for less than their value. An experienced Medicaid and board certified elder law attorney can help you develop strategies to be Medicaid eligible without endangering your family’s assets.

A Florida elder law attorney helps you create a strategy for Medicaid

The Florida Medicaid qualification process can be very complex and is not something you should attempt without the assistance of a qualified legal professional. Seek out guidance from a board certified elder law attorney

Let Hoyt & Bryan show you how to get Medicaid when you exceed eligibility limits

The Law Offices of Hoyt & Bryan has experienced, board certified elder law attorneys. We can help you create a comprehensive Medicaid long-term care strategy that will protect you and your family. Hoyt & Bryan is the only Florida law firm with two attorneys who are dual board certified in elder law and estate planning specialties. To learn more about how we can help you with Medicaid and health care planning, call us today at (407) 977-8080 or contact us online.

Peggy R. Hoyt - The Law Offices Of Hoyt & Bryan
About the Author: Peggy Hoyt
Peggy R. Hoyt practices in the areas of family wealth and legacy counselling, including trust and estate planning and administration, elder law, small business creation, succession and exit planning, real estate transactions and animal law.