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What Assets Can You Have While Retaining Medicaid Eligibility?

What Assets Can You Have While Retaining Medicaid Eligibility?

Elder Solutions Law Firm, florida medicaid planning attorney, florida medicaid attorney, florida Medicaid planning lawyer, medicaid planning in florida, florida medicaid planning, protecting your assets in florida, mediciad planning attorneyTo qualify for long-term Medicaid, seniors must not have assets over a certain amount.. When one spouse of a married couple applies for Medicaid (long term care), all assets owned by both husband and wife will be taken into consideration for Medicaid eligibility calculations. Assets considered include bank accounts, stocks, savings, homes, property, etc.

What Liquid Assets are Considered to Determine Medicaid Eligibility?

When applying for Medicaid, expect all your liquid assets to be taken into consideration, including money in the bank, stocks, savings, etc. If a married individual is applying for Medicaid, it does not make a difference if assets are held jointly with both spouses’ names listed or separate accounts in only one spouse’s name. All financial accounts held between the couple by either individual count towards eligibility.

What Non-Liquid Assets are Considered to Determine Medicaid Eligibility?

Non-liquid assets refer to homes or other real property. If a married person is applying for Medicaid, both spouse’s non-liquid assets will be considered to determine Medicaid eligibility regardless of whose name is on the deed. All the non-liquid assets of married couples are considered joint assets when determining an individual’s eligibility for Medicaid benefits.

Medicaid Eligibility and Assets:

Medicaid does allow spouses of applicants to keep a portion of the assets. Couples are not required to spend down all of their assets to qualify. There are also several exceptions and Medicaid planning strategies that can assist couples who are applying for Medicaid or who plan to apply for Medicaid. Seniors who fear that their total assets will exceed the limit set for Medicaid eligibility should get in touch with an experienced Medicaid Planning attorney to discuss the most efficient way to manage their assets while accommodating Medicaid asset limitations.

2019 Florida Medicaid Long Term Care Eligibility for Seniors:

Institutional/Nursing Home Medicaid:

Single Applicant:

  • Income Limit ($2,313/month)
  • Asset Limit ($2,000)
  • Level of Care Required (Nursing Home)

Married (both spouses applying):

  • Income Limit ($4,626/month – up to $2,313/month per spouse)
  • Asset Limit ($3,000)
  • Level of Care Required (Nursing Home)

Married (one spouse applying):

  • Income Limit ($2,313/month for the applicant)
  • Asset Limit ($2,000 for applicant and $126,420 for non-applicant)
  • Level of Care Required (Nursing Home)

Medicaid Waivers/Home and Community-Based Services (HCBS):

Single Applicant:

  • Income Limit ($2,313/month)
  • Asset Limit ($2,000)

Married (both spouses applying):

  • Income Limit ($4,626/month – up to $2,313/month per spouse)
  • Asset Limit ($3,000)

Married (one spouse applying):

  • Income Limit ($2,313/month for the applicant)
  • Asset Limit ($2,000 for applicant and $126,420 for non-applicant)

Regular Medicaid/Aged Blind and Disabled:

Single Applicant:

  • Income Limit ($891/month)
  • Asset Limit ($5,000)
  • Level of Care Required (None)

Married (both spouses applying):

  • Income Limit ($1,208/month)
  • Asset Limit ($6,000)
  • Level of Care Required (None)

Married (one spouse applying):

  • Income Limit ($891/month)
  • Asset Limit ($5,000)
  • Level of Care Required (None)

If you are concerned about your Medicaid eligibility or if you require Medicaid planning, don’t hesitate. Get in touch with one the Elder Solutions Law Firm today so we can help you develop a comprehensive asset protection plan.