Medicaid Planning

Nearly 60% of Americans will spend some time in a nursing home. As life expectancies and long term care costs continue to rise, many families now face the challenge of how to pay for these services. Unfortunately, most people are not aware that Medicare and private Medicare supplement insurance do not cover the cost of long term care. In fact, Medicare provides for short term assistance with nursing home costs, up to 100 days of coverage, but only if you meet the strict qualification rules.

Because the nursing home costs in Miami-Dade, Broward and Palm Beach County average $60,000 or more per year, long term care and nursing home costs can quickly drain your life savings. Accordingly, this also affects the financial security of the spouse that is still living at home and paying for those nursing home costs.

The primary alternative for many people to pay for nursing home care is the Florida Medicaid program, which is a federally funded program administered by the states. By designing a thorough Medicaid and Asset Protection plan, financial security and peace of mind can be ensured for the spouse living in the community and a legacy can be preserved for children. Without a plan the spouse may not be able to maintain his or her standard of living if they cannot protect their assets from long-term care expenses.

In Florida, in order to qualify for Medicaid ICP Benefits, the individual must be a Florida resident and U.S. citizen or a qualified alien; 65 years of age or blind or disabled; have a medical need; and the individual must meet the income cap and asset limit.

Although many people may be told that they must "spend down" their loved ones' assets or that their loved ones must be impoverished before they are eligible for Florida Medicaid benefits, planning opportunities exist whereby a person can legally restructure his or her financial situation to qualify for Florida Medicaid for nursing home care.

By qualifying for Florida Medicaid benefits, the applicant will be covered for nursing home expenses, drugs, doctors, and medical equipment. Therefore, qualifying for Florida Medicaid can be worth $60,000.00 a year or more in benefits to the applicant and/or his or her spouse and family. Currently, there are also government programs that can also assist family members in an assisted living facility.

The Florida Medicaid rules for eligibility are confusing and complicated. It is important that planning for Medicaid is only done with a qualified Florida Elder Law & Medicaid Attorney so that the strategies used are best suited for your family's individual situation. By waiting to get expert advice, or not getting it at all, you may spend more money than you should, thus jeopardizing your family's security.

Franco & Associates specializes in handling all aspects of your Medicaid planning needs in Florida and offers you a free no-obligation consultation. Our office is open Monday Friday from 9:00 AM 5:30 PM and evenings by appointment. Please call our office at 954-617-0440 to discuss how our law firm can serve you. Telephone appointments and Home and Hospital appointments are available.