The Florida Estate Planning and Probate Law Blog is focused on recent federal and state case law and planning ideas.

Showing posts with label Medicaid eligibility. Show all posts
Showing posts with label Medicaid eligibility. Show all posts

CONGRESSIONAL ATTEMPT TO CLOSE MEDICAID LOOPHOLES

Congress is considering making it more difficult for a community spouse to utilize an annuity to qualify for Medicaid. The proposed bill would prevent married couples from using assets to purchase an annuity for the community spouse, so that the institutionalized spouse can apply for Medicaid. The bill would count half of the income from a community spouse's annuity as income available to the institutionalized spouse for purposes of Medicaid eligibility. Savings from the legislation would be utilized to reduce waiting lists for home health care waivers. In addition, Congress is reviewing legislation that would: count lottery winnings as income; and require Medicaid applicants to prove U.S. citizenship or residency before receiving benefits.

COMMON FLORIDA MEDICAID MYTHS - DON'T ALWAYS LISTEN TO YOUR FRIEND

Medicaid is both a federal and state level program through which health care assistance is offered it’s to members. Each state administers their program differently than the next. Your Home in Florida: A Florida residents can own a personal residence (home) and still qualify for Medicaid. Medicare Covers Long-Term Nursing Care: The Florida Medicare program covers skilled nursing care, but only for a limited period of time following a three-day hospital stay. Medicare is only meant to help a person with activities of daily living, such as bathing, eating, and using the bathroom, and can’t be used to cover long-term health care expenses. Transfers Made Within five years of Applying Will Make You Ineligible: Medicaid will consider any uncompensated or below-market transfer (“transfers”) when the office reviews an application. Only certain transfers will be considered when determining whether a penalty period will apply. Medicaid benefits are not available during a penalty period. You Must Spend of All of Your Assets to Qualify: Florida does place a cap on the amount of gross income and assets a person can own and qualify for Medicaid. A person with too many assets or income is ineligible to receive Medicaid benefits. A single person applying for Medicaid benefits may only have $2,000 of countable assets. The other spouse may possess up to $120,900 of countable assets. There are also many exempt assets or noncountable assets that a person or couple may own, including a home. Florida’s Medicaid Rules are the Same as the Rules in Other States: Each state participates in Medicaid funding, it is a federal program, and has its rules on how these funds are administered. A person that lives in another state may not have to meet Florida’s requirements for Medicaid. Further, the rules can change on an annual basis.