Five Common Mistakes That Many People Make Regarding Finances And Medicaid Eligibility
Aging and living with disabilities are realities for millions of Florida residents. Many make mistakes that keep them from taking advantage of resources such as Medicaid that can help them meet these challenges.
At the law offices of Horacio Sosa, P.A., you can find valuable guidance about protecting assets and preparing to apply for Medicaid once you need it. At our firm, we would like to help you avoid common mistakes, such as:
- Believing that you must give up your house to qualify for Medicaid: In fact, Florida’s constitution includes a homestead provision that helps many people preserve Medicaid eligibility without selling their homes prematurely. Get personalized, comprehensive elder law advice to determine the best options for your circumstances regarding homeownership and medical expenses.
- Assuming that Medicaid is only for the poor: In some circumstances, there are opportunities for people who are in income brackets that are not usually considered “poor” to qualify for Medicaid. Other options, such as Medicaid’s Medically Needy program, also offer relief for many people.
- Failing to protect your assets through advanced financial planning: We can help you understand how an irrevocable trust for asset protection may give you and your family maximum financial flexibility while preserving your ability to qualify for Medicaid.
- Waiting until you are in a nursing home to apply for Medicaid: We have helped many people get Medicaid benefits even after they had entered long-term care facilities. However, after entering a nursing home, you will have fewer options for protecting assets and receiving timely Medicaid coverage. Ideally, we would like to explain your full slate of options before you need nursing home care.
- Failing to apply for Medicaid at the most opportune time: Determining when it is right for you to apply for Medicaid depends on many factors unique to your financial situation and health status. When you are proactive and understand the rules and your options, we can help you apply for Medicaid in time to avoid spending down all your assets first.
Let’s Talk Over Your Concerns About Medicaid Eligibility
No matter where you are in your journey, we are confident that we can help you discover the best long-term solutions regarding your finances and other assets, long-term care needs and, possibly, Medicaid benefits. Reach us by phone at 954-361-8966 or send an email to schedule a free consultation.