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Medicaid Planning Strategy for the New Year
As our parents and loved ones age, we want nothing more than to take care of their needs so they can enjoy retirement and do what makes them happy. However, life continually throws obstacles in our way, making things more difficult for everyone involved. A parent might grow ill, or their retirement savings diminish quicker than anticipated, putting their plans and goals into question. We’d love to be able to step away from work and our other responsibilities to care for them 24/7, but most of us can’t pull that off.
For a free legal consultation, call 561-955-8515
The Cost of Elder Care in Florida
When we realize we need external help to care for our aging loved ones properly, we may look at assisted living facilities or nursing homes, but these resources cost a significant amount of money. A report from Genworth in 2023 found that the monthly cost of a semi-private room in a Florida nursing home was $9,985. That cost goes up by almost $2,000 a month for a private room. Just seeing that price could fill you with anxiety, wondering how your loved ones could afford it without emptying their savings accounts. Thankfully, Medicaid can help offset costs without spending down all available assets.
Since it’s the beginning of a new year, it’s an excellent time to familiarize yourself with Medicaid and make preparations to ensure you or a loved one can qualify when eligible and needed. The reason it’s so important to prepare in advance for Medicaid is because Florida uses a five-year look-back period to prevent individuals from transferring assets at the last minute to qualify for Medicaid benefits. Medicaid will inspect all asset transfers and gifts made by the applicant during the five years prior to their Medicaid application. If you’re transferring assets and giving gifts at a cost way below market value, Medicaid may consider you ineligible.
Medicaid Eligibility Requirements in Florida
To qualify for Medicaid, you need to meet a few requirements. First, you will need to be a resident of the state of Florida to be eligible. That eligibility extends to U.S. nationals, citizens, permanent residents, or legal aliens residing in the state. Certain income and asset limits can prevent you from being eligible for Medicaid. In 2024, Institutional/Nursing Home Medicaid had an income limit of $2,829 for an individual and $5,658 for a married couple. That same program has an asset limit of $2,000 for an individual and $3,000 for a married couple. Depending on the program you’re applying for, you may have to meet other unique criteria.
After reviewing the requirements for Medicaid, you may feel it’s impossible for you or a loved one to qualify, but tools are available to help you. Medicaid asset protection trusts, spousal transfers, ladybird deeds, and irrevocable funeral trusts are just a few tools to consider. The most important thing you can do to ensure you’re qualified is to work with an experienced elder law attorney knowledgeable about Medicaid planning. Our team is standing by and ready to answer questions or help you start the process.
Let a Boca Raton Medicaid Planning Attorney from the Siegel Law Group, P.A. listen to the details of your unique circumstances and tailor a plan to meet your needs and goals. Contact us at or complete our online form to schedule a complimentary consultation.
Call or text 561-955-8515 or complete a Free Case Evaluation form
