How may I plan for Medicaid and keep my assets?

Florida residents may qualify for Medicaid even if they have not yet turned 65. If you have a disability, however, you may apply for medical coverage regardless of age, as explained on the U.S. Government’s website.

If you currently care for a minor or a disabled family member, you may also apply to receive healthcare benefits through Medicaid. As noted by Kiplinger’s Personal Finance, your assets and income determine your eligibility.

How assets and income may affect a Medicaid application

To qualify for Medicaid, you may currently own assets with a combined value not exceeding $2,000. Assets typically include cash, brokerage accounts and retirement plans such as a 401(k). Your spouse, however, may not own assets that exceed $130,380.

Personal items, nonluxury goods and one vehicle generally do not count as assets that may disqualify you from receiving Medicaid benefits. The monthly income for Florida, however, may not exceed $17,131 in a household of one or $23,169 in a household of two.
How an individual may plan to redistribute assets

When the value of your assets exceeds the allowed amount, you may need to redistribute them. Extra cash in your bank account, for example, could pay down the mortgage of your primary residence, which generally does not count toward your assets.

Certain types of trusts may also not count toward assets. Some individuals create a living trust and transfer excess assets to it. The Florida Department of Children and Families, however, has a look-back period of five years from the date of the last transfer to a trust. You may not qualify for your hoped-for Medicaid benefits during the look-back period.

Healthcare benefits may require effective planning to qualify for coverage that meets your personal needs. Depending on your current assets and income, you may find a waiting period ahead before you submit a qualifying application to Medicaid.

Do Not Wait To Get Legal Advice

Contact Us To Find Solutions Unique To Your Situation