Qualifying for Medicaid can be complicated and the process can be quite confusing. But we are Medicaid planning experts who can help your elderly parent or loved one qualify for the benefits and peace of mind that Medicaid financial assistance brings.
First off, it’s important to understand the financial minimums required for Medicaid qualification in Vero Beach, FL. A single individual cannot have more than $2,000 in countable assets, and a caregiver spouse cannot have more than $1126,420. If seniors have more than these minimums and they are attempting to qualify for Medicaid, there are a number of options:
- Purchase of exempt assets such as an irrevocable prepaid funeral contract
- making improvements to exempt assets such as the Homestead
- paying money for a personal care contract
- converting assets into income
- a pooled trust
Spending down is generally not advisable unless it is part of a strategy sometimes referred to as the half a love strategy or reverse half a loaf strategy, and giving gifts to family members to decrease assets results in a costly waiting period prior to Medicaid eligibility. Medicaid planning can be very tricky and it’s important to make sure you are advised by an expert. Checking for Florida bar Board certification is certainly one criteria that could be considered.
If either of the seniors is a veteran, veteran benefits to help with long-term care issues should definitely also be pursued. Our attorneys are accredited VA attorneys and can assist with this planning.
It’s always advisable to seek the help of a qualified elder law firm before making major decisions regarding Medicaid. The Balance warns that trying to make Medicaid decisions without legal advice can be detrimental as there are too many details that need to be addressed correctly in order to not trigger potential issues with the IRS.
To simplify and clarify the Medicaid process in Vero Beach, FL, and the surrounding areas, contact The Estate, Trust, and Elder Law Firm by calling our Vero Beach office at 772-410-5156 or contacting us online! We serve the treasure coast seniors and those who love them.
Fort Pierce (Main Location)
2940 S. 25th Street
Fort Pierce, FL 34981
850 NW Federal Highway, #1004
Stuart, FL 34994
Port St. Lucie
1860 S.W. Fountainview Blvd. Suite 100
Port St. Lucie, FL 34986
IRC Chamber of Commerce 1216 21st Street
Vero Beach, FL 32960
402 NW Third St,
Okeechobee, FL 34972