AVOID COSTLY MISTAKES AND PROTECT YOUR ASSETS
Finding ways to help families pay for long-term care is an important goal for any Medicaid Planning attorney. The median cost of a private room in a Florida nursing home in 2018 is $8,867, according to the Genworth Cost of Care Survey. Semi-private rooms are not much better at $8,106.
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 Flammia Elder Law Firm, 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 without 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.
These are compassionate and extremely knowledgeable people. The all worked to make sure that I got Medicaid for my husband and that my own financial house was in order. I highly recommend them!!!
5 Star Google Review – J.P.
Medicaid Planning FAQ
What is Medicaid?
You probably know some of the basics of Medicaid. Essentially, it is a need-based program created by the government for people 65 and older, or who are blind, or if under 65 years of age, have been declared disabled by Social Security Administration. 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.
What are the financial requirements for Long-Term Care through Medicaid in Florida?
Eligibility requirements change from year-to-year. Here are the current standards:
2022 Medicaid Eligibility Standards for Long-Term Care in Florida
- Individual Applicant…$2,000.00
- Community Spouse…$137,400.00
- Joint Applicants……..$3,000.00
- Individual Applicant… $2,523.00
- Joint Applicants… $5,046.00
- Personal Needs Allowance… $130.00
- Minimum Monthly Maintenance Needs Allowance… $2,288.75
Assets You Can Keep
- Homestead Property: Equity $955,000.00
- $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: $9,703.00
- Exclusion of IRA for Applicant *
- Exclusion of IRA for Spouse *
*Certain criteria must be met.
Many people don’t realize that the law allows for legal tools that can help you meet these requirements while still keeping your home, many of your assets, and in some instances, your income.
How do you qualify for Medicaid?
Work with a knowledgeable Florida Medicaid planning attorney. Kathleen Flammia is an experienced Florida Bar Board Certified Elder Law attorney specializing in Medicaid planning. She serves Orlando, Winter Park, and the surrounding Central Florida area. She and her team of elder care law experts are ready to help.
What is Medicaid Planning?
Simply put, Medicaid planning is a way to protect the assets, and in some instances, the income 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-area clients.
Who can use Medicaid Planning?
Whether you are planning to pay for long-term care, experiencing an unexpected health crisis, or are already in a nursing home, the Flammia Elder Law Firm can help you protect your assets. Because everyone’s situation is unique, Medicaid Planning 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, the Flammia Elder Law Firm 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. We 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, we can help you to appeal it. Even if you waited too long to start Medicaid planning, the Flammia Elder Law Firm can still help you plan if there is an unexpected health crisis. It is never too late to plan for Medicaid.
What is Medicaid and Nursing Home Crisis Planning?
Crisis planning is what happens when decisions need to be made quickly. 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 is.
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.
Can a Florida Medicaid Planning Attorney Help?
Yes! Whether you are planning in advance or your loved one has an immediate need for nursing home care, the Flammia Elder Law Firm can help. We will work with you to create a plan that protects you, your family, and your assets. We 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.