FL Medicaid Attorney - 727-260-2581
 
CONTACT

Your Florida homestead is exempt up to $500,000 in Florida (there is no limit if your spouse is living in the home).

Most people who are eligible for FL Medicaid have to reduce their assets first. There are rules about what is counted as an asset and what isn’t when determining Medicaid eligibility. There are also rules that require states to allow married couples to protect a certain amount of assets and income when one of them is in an institution (like a nursing home) and one isn’t.

A spouse who isn’t in an institution may keep up to $109,560 (in 2009) as a general rule.

As a general rule you can’t give your assets away to family members or non-family members. If you give assets away within 5 years before the date you apply for Medicaid, or even after you apply, the gift may be treated as a transfer of assets for less than fair market value.

Transfers for less than fair market value may subject you to a penalty, and the penalty is that Medicaid won’t pay for your nursing home care for a period of time. How long that period is depends on the value of the assets you gave away. There are limited exceptions to this, especially if you have a spouse, or a blind or disabled child. But as a general rule, giving away your assets to other people may result in no payment for your nursing home care, possibly for many months or even years.

Note: Federal law protects spouses of nursing home residents from losing all of their income and assets to pay for nursing home care for their spouse. When one member of a couple enters a nursing home and applies for Medicaid, his or her eligibility is determined under what are called the “spousal impoverishment” rules.

Spousal impoverishment helps make sure that the spouse still at home will have the money needed to pay for living expenses by protecting a certain amount of the couple’s resources, as well as at least a portion of the nursing home resident’s income, for the use of the spouse who is still at home.

Get in touch with us.

We are ready to help you determine if you can benefit from Medicaid Planning. In fact our first consultation is free to you. For your free consultation with Attorney Frazier regarding coverage for assisted living or nursing home care.

Contact us now

Do call me today to see if I can help you at:

727-260-2581

After 5PM:  813-431-3193