Helping Orlando Residents Find Ways to Pay for Long Term Care
Finding ways to help families pay for long term care in Florida is an important goal for any Florida Medicaid Planning Attorney. The median cost of a private room in a Florida nursing home in 2016 is $8,365, according to the Genworth Cost of Care Survey. Semi-private rooms are not much better at $7,422.
Very few Orlando seniors – or their families – can manage this kind of expense. But with people today living longer than ever before, long term care has become a necessity for many. And as the baby boomer generation continues to age, more and more families will face this issue in the coming years.
At the Law Office of Kathleen Flammia, P.A., we understand this problem all too well, and if you contact us, we can help. We have worked with families struggling to find money so their loved ones can receive the care they need – families considering emptying savings or retirement accounts to cover the cost. But it does not have to be this way.
There is another option: you can plan to qualify for Medicaid.
What is Medicaid?
You probably know some of the basics of Medicaid. Essentially, it is a needs-based medical insurance option created by the government for people 65 and older or those who have been declared disabled. It can be used to cover the costs of general health care as well as long term care.
In other words, Medicaid can help pay for long term care in a nursing home or an assisted living facility. In fact, there are a variety of Florida Medicaid programs available for those who do not have the private funds to pay for their care.
Because Medicaid is a needs-based benefit, many people do not consider it. They do not believe that they will qualify. And it is absolutely true that to be eligible for the Medicaid program, you must meet strict financial requirements.
Financial Requirements for Long Term Care through Medicaid in Florida
Eligibility requirements change from year-to-year. Here are the current standards:
2018 Medicaid Eligibility Standards for Long Term Care in Florida
- Individual applicant…$2,000.00
- Community Spouse…$123,600.00
- Joint Applicants……..$3,000.00
- Individual applicant… $2,250.00
- Joint Applicants… $4,500.00
- Personal Needs Allowance… $130.00 *Effective July 1, 2018
- Monthly minimum maintenance Income Allowance… $2,057.50
Assets You Can Keep:
- Homestead Property
- $2,500.00 face value of cash value life insurance for applicant
- $2,500.00 face value of cash value life insurance for spouse
- Irrevocable funeral plan(s) for applicant
- Irrevocable funeral plan(s) for spouse
- Penalty Period Divisor as of July 1, 2018: $9,171.00
- Exclusion of IRA for applicant *
- Exclusion of IRA for spouse *
*Certain criteria must be met.
What a lot of people do not realize, however, is that the law provides you with legal tools that can help you meet these requirements while still keeping your home and many of your assets – even those not specifically mentioned here.
How do you do it?
Work with a knowledgeable Florida Medicaid planning attorney. Kathleen Flammia, P.A. is an experienced and knowledgeable Florida Medicaid planning attorney serving Orlando, Winter Park and the surrounding Central Florida area. Send us an email today to get started.
What is Medicaid Planning?
Simply put, Medicaid planning is a way to protect the assets of an individual who needs to enter a nursing home or assisted living facility. It enables families to get their loved ones the long term care they need without forcing them into poverty.
Setting up a Medicaid plan early is the key to gaining government assistance.
The best way to ensure you or your loved one will qualify for Medicaid without a huge loss of assets is to start planning well before long term care is needed. As an experienced Medicaid planning attorney, Kathleen Flammia knows exactly which legal strategies to use to protect and preserve the assets of her Orlando-based clients.
Because everyone’s situation is unique, these strategies are never “one size fits all.” You may be married, single, or a military veteran. You may or may not own your home. You may have very little savings and income, or you may have moderate to high wealth.
Whatever your situation, Kathleen Flammia will help you craft a plan to provide for your family’s future by providing you with personalized, in-depth guidance about all facets of long term care. Moreover, she will be by your side every step of the way, assisting in planning, crafting, and submitting the application to increase your chances of receiving benefits. If you do receive a denial, she can help you to appeal it.
Waited too long to start Medicaid planning? Kathleen Flammia can still help.
What is Medicaid and Nursing Home Crisis Planning?
Maybe you did not believe that you or your loved one would ever really need long term care. Maybe you kept intending to start planning for it but never got around to it. Maybe you were not aware of how expensive long term care was.
A huge number of seniors are forced to enter into long term care without engaging in Medicaid planning. And when they do, they quickly discover that their families’ resources cannot handle the financial burden of paying out-of-pocket for assisted living or a nursing home. To get the help they need, they will have to divest themselves of most of their assets.
While this situation is far from ideal, even seniors already admitted into a nursing home can preserve some of their assets – with proper guidance from a qualified Medicaid planning attorney. Kathleen Flammia has helped many clients in these types of “crisis situations” to come up with a plan that preserves as many assets as possible.
Consult with an Experienced Florida Medicaid Planning Attorney
Whether you are planning in advance or your loved one has an immediate need for nursing home care, Kathleen Flammia can help. She will work with you to create a plan that protects you, your family, and your assets.
Most importantly, she will help you to navigate the complicated world of Medicaid planning, making sure you understand your options and that you are comfortable with the plan you ultimately create.
Get in touch with Florida Bar Board Certified Elder Law Attorney Kathleen Flammia today by calling 407-478-8700 or sending us an email.
For more resources on Medicaid planning in Orlando, visit my Free Resources page to view upcoming FREE workshops, videos, and other materials.