Many families would prefer to keep their loved ones at home as they age. Unfortunately, medical needs sometimes necessitate full-time care. That often requires admission to a nursing home and, eventually, applying for Medicaid.
Medicaid helps eligible people pay for medical care, such as a nursing home stay. However, accepting funds means adhering to strict regulations and potentially losing essential assets, such as a family home. Our Medicaid planning lawyers in West Palm Beach can help.
The team at the Siegel Law Group, P.A., has more than 100 years of combined experience in assisting our older population and their families with estate planning concerns. Call today to schedule a free consultation and find out how our elder lawyers in West Palm Beach can help.
How Our Medicaid Attorneys Can Help
Many older adults worry about losing their assets if they need nursing home care. A cherished family home is often a major concern. While it’s a common myth that a nursing facility will take your home, that’s not true.
However, if you apply for Medicaid to cover long-term care, the state may seek repayment after your death through estate recovery, which can include placing a lien on your home or other assets.
Our Medicaid planning attorneys in West Palm Beach can help you prepare for future Medicaid needs and devise strategies that can protect your assets. Some of the tools we may recommend include:
Irrevocable Medicaid Trusts
A type of trust that protects your assets from Medicaid eligibility calculations, as long as it is established at least five years before applying to avoid penalties. However, once established, it permanently transfers assets out of your control.
Life-Estate Deeds
A legal agreement that grants you the right to live in your home after transferring ownership to another person. This can protect your home from estate recovery if established five years before you require Medicaid. The downside is you no longer own your home.
Medicaid-Compliant Annuities
If you follow the guidelines set by Medicaid, you can purchase an annuity that converts some of your assets into an income stream. Essentially, this turns your assets into income for Medicaid eligibility purposes.
Spousal Transfers
If you have a spouse still residing in the community, you may be able to transfer allowable assets to them without a penalty. Florida Medicaid rules allow the non-applicant community spouse to keep certain protected assets.
Spousal Refusals
Under Florida law, the community spouse of a Medicaid applicant can refuse to allow their assets to be counted without jeopardizing the applicant’s eligibility. However, in some cases, the state may attempt to recover costs through legal actions.
Each of these strategies requires careful planning as well as an assessment of your current financial situation and future needs. Our West Palm Beach Medicaid planning lawyers can help you come up with a strategy that works for you.
For a free legal consultation with a medicaid planning lawyer serving West Palm Beach, call 561-955-8515
Medicaid Explained
Medicaid is a joint federal and state health insurance program meant to serve individuals with low income and limited assets. For older Florida residents, Medicaid can help cover the cost of services such as nursing homes and in–home care.
The cost of care at a nursing facility is very high, and even people with a good income may struggle to fully pay their expenses. One eligible, Medicaid can make up the difference.
To qualify for Medicaid in Florida, you must:
- Be 65 years or older, blind, or disabled.
- Be a Florida resident.
- Receive care within the state.
- Meet specific income and asset limits.
- Meet medical necessity criteria if applying for long-term care services, such as nursing home care.
West Palm Beach Medicaid Planning Lawyer Near Me 561-955-8515
The Medicaid Spend Down Process
If your assets exceed Medicaid’s limits, you may still qualify by spending down your resources in accordance with Medicaid regulations. Allowable uses of your funds include medical expenses, home repairs, or purchasing exempt items.
You can’t simply give assets away. If you see a home, for example, you must do so at fair market value and account for the proceeds. Failure to follow Medicaid rules can trigger a penalty, making you ineligible for benefits for a set period of time.
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The Medicaid Eligibility Look-Back Period
When you apply for Medicaid, Florida enforces a five–year look–back period. The state reviews all asset transfers made within five years of applying. If you gave away or transferred assets for less than fair market value, you may face a penalty period.
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Medicaid Estate Recovery
Through their estate recovery program, the state can seek to recover costs through your estate after your passing. This can include a claim on your home. It’s important to speak with a legal professional early and devise a plan to protect any assets with sentimental value for your surviving family members.
Medicaid Penalties
In most cases, violating Medicaid’s rules of asset dispersal does not ban you from benefits. It means you must wait out a penalty period determined by the value of the assets you incorrectly dispersed and the average monthly cost of care.
Without Medicaid, you must pay the outstanding balance of your cost of care out of pocket, and you may not have access to essential care. The assistance of a knowledgeable attorney can help you avoid a penalty so you can get the benefits you need.
Get Help from a Medicaid Planning Attorney in West Palm Beach
Even with a good income after retirement, most people struggle to pay the full monthly cost of care at a nursing home. That means spending down assets and getting help from Medicaid. However, Medicaid will attempt to recover its costs from your estate after you pass away.
To protect your assets, such as a family home, it is critical to plan ahead and take advantage of legal strategies. Our Medicaid planning attorneys in West Palm Beach can help you remain eligible for Medicaid while safeguarding your home and other important assets.
At the Siegel Law Group, P.A., we believe every older person has the right to age with dignity. That means getting the help you need to receive care and not having to worry about losing beloved assets like your home.
Call today to set up a consultation to discuss your options.
Call or text 561-955-8515 or complete a Free Case Evaluation form