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Medicaid Planning Services in Boca Raton, Florida
There are many unfortunate misconceptions regarding Medicaid Planning. Although adult children or other family members may want to care for their parents as they age, many do not have the ability to devote their time and resources to providing the 24/7 health care that older individuals often require. They also often lack the guidance to properly research and plan for their family members’ Medicaid strategy. These well-meaning individuals often then turn to assisted living facilities or a nursing home, wondering how to pay the high costs without depleting their loved one’s savings accounts. There are often dangerous financial pitfalls associated with following the lead of the nursing home or the assisted living facility, and your loved ones and their estate interests can often benefit from a tailored legal approach when preparing for this chapter of their lives. Our experienced Medicaid Planning attorneys can guide you.
According to Genworth, in 2023, the monthly cost of a semi-private room and a private room in a Florida nursing home was $9,985 and $11,406, respectively — sobering statistics for anyone concerned about Long-Term Care for themselves or their elderly parents.
The Siegel Law Group, P.A. founder Barry Siegel understands these concerns. It was his own personal experience with his grandmother Betty — who did not have Long-Term Care insurance and had to spend down all her assets when she became sick until there was nothing left — that catalyzed his mission to help others avoid these hardships.
With over 22 years of experience, our Medicaid Planning attorneys in Boca Raton Florida understand that there are multiple strategies to protect your assets and savings while qualifying for Medicaid. During a free consultation with an Elder Law attorney, we can review your unique circumstances and goals and develop a strategy to enable you or your loved one to protect assets, qualify for Medicaid and seek the medical care you need. Contact us today to schedule a free consultation.
Key Takeaways Regarding Medicaid Planning in Florida
- Medicaid can provide many benefits for which you or your loved one(s) may be eligible under strict circumstances
- Florida’s eligibility requirements for Medicaid
- The 5-Year Medicaid Look-Back Period in Florida
- How your estate and your care needs factor into Medicaid eligibility and planning
- Tools and strategies for Medicaid Planning in Florida
- Only a licensed Elder Law attorney can engage in Medicaid Planning in Florida — The Siegel Law Group is here to guide you
What Does Medicaid Cover?
Medicaid plays a vital role in providing health coverage for individuals with low incomes, including families, individuals and the elderly in Florida. As a federal-state partnership, Florida Medicaid provides access to essential healthcare services for those in need within the state, including:
Health Coverage for Low-Income Individuals: Florida Medicaid offers medical assistance programs for low-income families and individuals who may not otherwise have access to adequate healthcare services. It’s a safety net for vulnerable populations, such as those who are blind or have a disability, seeking to ensure they can access the care they need.
Assistance for the Elderly: In addition to supporting low-income families, Florida Medicaid assists the elderly population, providing access to healthcare services, Long-Term Care and other essential resources to support the elderly in maintaining their well-being.
Managed Care Options: Florida’s Medicaid program also offers managed care options to help individuals navigate their healthcare needs effectively. This includes the ability to change health or dental plans through the FL Medicaid Member Portal, providing flexibility and choice in healthcare coverage.
Medicaid Eligibility: Determining eligibility for Medicaid in Florida involves assessments conducted by either the Department of Children and Families (DCF) or the Social Security Administration. Eligible individuals can access necessary medical services to maintain their health and well-being.
Why Choose The Siegel Law Group, P.A
Our goal at The Siegel Law Group, P.A. is to help our clients and their families have better futures by addressing Elder Law concerns, preparing for life’s challenges through comprehensive Estate Planning and guiding personal representatives through the Probate process in Florida. We offer personalized solutions tailored to your needs while protecting your family’s legacy.
You can rely on our team to be here for you and by your side in the protection of your assets and interests:
- We often work with the family members of an elder seeking comprehensive planning for care, protection of assets and related considerations such as protection and distribution of assets in circumstances such as Probate.
- We take the important extra step of funding your Trust with your intended assets when we create your Trust, and we also routinely remind you in case you may have additional assets to fund.
- We do a review of your Estate Plan with you every three years, discussing any changes in relationships, finances or laws that may affect your plans or intentions.
- We educate our clients on bloodline planning to ensure children are in line for your assets when appropriate, preventing your assets from potentially being lost in divorces or blended family scenarios.
- Our firm conducts free post-death consultation and successor seminars to guide your family through the full process.
With over 22 years of experience, our esteemed Florida firm guides you through each step of the Estate Planning process and tailors a plan that prepares for your concerns, your needs and a legacy for your family. Hablamos español.
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Medicaid Eligibility Rules for Residents of Florida
Florida determines Medicaid eligibility by a set of criteria individuals must meet to qualify for the program.
Residency Requirements: Individuals must be residents of the state of Florida to be eligible for Medicaid benefits and access healthcare services within the state.
Citizenship Status: Eligibility extends to U.S. nationals, citizens, permanent residents, or legal aliens residing in Florida. Medicaid eligibility typically requires proof of citizenship or qualified immigrant status.
Income Limits: Medicaid eligibility in Florida is income-based, with specific income thresholds determining qualification. Note that the limits are subject to change each year.
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- For example, in 2024 Institutional/Nursing Home Medicaid has an income limit of $2,829 for an individual and $5,658 for a married couple when both spouses are applying. When only one spouse applies, the income limit is $2,829 for the applicant.
- For Medicaid Waiver / Home and Community-Based services, the income limits are the same. However, for regular Medicaid/Medicaid for the Aged, the income limit is $1,069 per month for an individual, $1,446 per month for a couple when both spouses apply and $1,446 per month when one spouse of a married couple applies.
Asset Limits: In addition to income limits, Medicaid eligibility rules dictate asset thresholds.
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- For example, in 2024 Institutional/Nursing Home Medicaid has an asset limit of $2,000 for an individual and $3,000 per month for a married couple when both spouses are applying.
Program-Specific Requirements: Certain Medicaid services, such as Long-Term Care, require additional criteria beyond basic income and asset limits for adults over 65 and anyone eligible for Medicaid due to a disability, determined by a Comprehensive Assessment and Review for Long-Term Care Services (CARES) Program.
Understanding and meeting Medicaid eligibility requirements in Florida is critical for covering nursing home costs, in-home care and health care in your elder years. Due to Florida’s specific rules concerning Medicaid, seek the services of a knowledgeable and experienced Elder Law attorney. Only a licensed Elder Law Attorney is allowed to practice Elder Law and Medicaid Planning according to state law. Your Medicaid Planning attorney can help you navigate the complexities of Medicaid eligibility requirements and aid you in completing your Medicaid application properly.
Medicaid Look Back Period in Florida
In Florida, the Medicaid look-back period refers to a timeframe during which Medicaid assesses any asset transfers or gifts made by an individual applying for Medicaid benefits. Its purpose is to prevent individuals from hastily transferring assets to qualify for Medicaid benefits.
- Duration: Florida enforces a 60-month (five-year) Medicaid look-back period, which means that Medicaid will scrutinize all asset transfers and gifts made by the applicant within the five years leading up to their Medicaid application.
- Asset Transfers: During this period, any uncompensated asset transfers or gifts, particularly those made for less than fair market value, may lead to penalties or a transfer penalty period that could affect Medicaid eligibility.
- Prevents Asset Disposal: This period seeks to discourage applicants from disposing of assets quickly to meet Medicaid’s asset and income limits, with the goal of allocating the resources of this medically needy program to those in genuine need of Long-Term Care assistance.
- Impact on Eligibility: Asset transfers or gifts made within this period can potentially delay eligibility for Medicaid benefits, as they may trigger penalties or require further documentation and review.
- Application Date Relevance: This look back period is measured backward from the date of the Medicaid application, emphasizing the importance of transparent financial planning and asset management well before applying for Medicaid benefits.
Medicaid Planning Considers All Aspects of Your Estate and Care Needs
As an experienced Medicaid Planning attorney knows, planning before your loved one needs care allows you or your loved one many options for qualifying for Medicaid coverage, such as creative Trust drafting or the ability to convert or transfer assets.
If your loved one needs immediate medical assistance or is already in a nursing home, it’s not too late.
Don’t pay out of pocket until your savings is exhausted. We can implement many legal tools to manage income and minimize assets to meet Medicaid requirements and make you eligible for Medicaid quickly.
Available Legal Tools for Medicaid Planning
Medicaid Asset Protection Trusts — A Medicaid Asset Protection Trust (MAPT) is a type of Irrevocable Trust that protects assets from being counted toward Medicaid’s asset limit. However, you must utilize this tool well before applying for Medicaid.
Spend Down — Spending excess assets by purchasing “excluded assets” or paying expenses.
Spousal Transfers — Transfers of assets or income between a spouse in the nursing home and the spouse in the community.
Irrevocable Funeral Trusts — These Trusts cannot be changed or canceled; sometimes they are set up to pay for the Medicaid applicant’s funeral in advance.
Lady Bird Deeds — The Medicaid recipient retains ownership of their home over their lifetime. However, upon their death, the house automatically transfers to the designated beneficiary.
Qualified Income Trusts / Miller Trusts — Income over the limit is allocated into a qualified Irrevocable Income or Miller Trust and is generally used to pay one’s medical bills and care.
Do I Need a Florida Medicaid Planning Attorney?
An experienced Elder Law attorney can help you qualify for Medicaid benefits and prevent your assets from being depleted to pay for your care. Medicaid Planning is legal in all 50 states. However, Florida’s specific Medicaid rules mandate that only a licensed Elder Law Attorney can practice Elder Law and Medicaid Planning. It is illegal for anyone else such as a Medicaid counselor or case manager to practice law by engaging in Estate and Medicaid Planning. Unless they are also a licensed attorney, any Medicaid counselor or planner that participates in Medicaid planning is guilty of a felony.
Contact Us below or Complete Our Online Form
Call Us Today
(561) 955-8515
Contact Us below or Complete Our Online Form
Call Us Today
(561) 955-8515
The Siegel Law Group, P.A. Offers Protection for Your Loved Ones, Peace of Mind for You
With over 100 years of combined experience, The Siegel Law Group, P.A. in Boca Raton, Florida wants to guide you through every step of the Medicaid Planning process. Our dedicated Medicaid Planning attorneys help South Florida families, seniors and their loved ones prepare for the future.
Let us help you put your financial affairs in order and engage in early planning to satisfy the Medicaid requirements. Does your loved one need nursing home care now, or are they already paying nursing home costs with their savings? We can still help.
Contact us to schedule a free consultation to learn how we can help you protect your assets and secure Long-Term Care for you and your loved ones in accordance with federal law and Florida law.
We can also help you safeguard your future with comprehensive planning strategies based on your needs, desires and circumstances. Our planning techniques consider each client’s unique circumstances and goals. Because many changes take place over one’s lifetime, we review our clients’ Estate Plans every three, six and nine years.
Whether you need a Living Revocable Trust or another Trust instrument, a Will, a Power of Attorney or a Health Care Directive, we are here to assist you. Contact us at (561) 955-8515(561) 955-8515 or complete our online form to schedule a complimentary consultation.
The Siegel Law Group, P.A. ~ Reviewing Estate Plans with our Valued Clients Every Three, Six and Nine Years to Keep Pace with Life’s Inevitable Changes.
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Areas We Serve
At The Siegel Law Group, our mission is to be your law firm for life… and beyond.
We help with Estate Planning, Elder Law and Probate & Trust Administration.
Serving clients in Boca Raton, Deerfield Beach, West Palm Beach, the Tri-County Area of Palm Beach County, Broward County Miami-Dade County — and throughout South Florida:
- West Palm Beach, Florida
- Miami, Florida
- Aventura, Florida
- Fort Lauderdale, Florida
- Boca Raton, Florida
- Palm Beach Gardens, Florida
- Coral Springs, Florida
- Coral Gables, Florida
- Plantation, Florida
- Naples, Florida
