Florida skilled nursing care or in-home care can be unbelievably expensive for you or your aging loved one. At the Life Law Planning Group, we can help you protect your hard-earned assets from being spent down on the high costs of long-term care. Proactive planning equips you to make decisions about how you want to be cared for if it is needed and how you want your beneficiaries to inherit your estate upon your death.
Remember that everyone’s journey will be different and as we age, the type of care needed and its cost may change over time. The Life Law Planning Group can ensure that you or a loved one gets the health care coverage needed without spending down your assets. Medicaid Planning includes multiple strategies that may be employed, depending on each individual’s or couple’s circumstances. The process can be very complex, but with our firm’s help, you won’t have to navigate the Florida Medicaid process alone.
The earlier our Florida law firm can be involved in your Estate Planning and Elder Law needs and Medicaid Planning, the sooner you will have peace of mind and rest assured that your financial future is secure.
Our Florida proactive planning attorneys are available to prepare an entire estate plan, including the instruments necessary to preserve Medicaid eligibility. We are also available to review your existing estate plan and recommend modifications necessary to support the Medicaid eligibility you deserve.
The Importance of Proactive Medicaid Planning in Florida
Proactive Medicaid Planning is an essential part of the overall Elder Law and Estate Planning process. If your Florida Estate Planning documents do not include the right language for Medicaid eligibility, you could end up spending your life savings on skilled nursing care costs.
If you are without Florida Medicaid coverage, your care fees will need to be paid for with your personal assets which can quickly diminish your savings or retirement funds. You also risk the possibility needing to liquidate assets like your home or investments to pay for care.
The Life Law Planning Group can help you prepare for the high cost of elderly care with a strategic Medicaid plan. In most cases, we can prepare specific and strategic legal recommendations for protecting your home, income, life savings and other property from the high cost of long-term care.
Understanding Florida Proactive Medicaid Planning
Medicaid coverage is complicated — there’s no way around that simple fact.
Medicaid is a Federal program, funded from Federal and State dollars. The rules for qualifying for the long-term care Medicaid program vary considerably from state to state. If you reside in Florida and need Medicaid, then Florida’s Medicaid program rules apply.
Unlike other government programs like Social Security, Medicare or Social Security Disability, Medicaid in Florida is not an “entitlement program.” Entitlement programs have been paid into by citizens and are required by law to make payments to any individual that meets the program’s eligibility requirements. For example, when you or a loved one reach retirement age, you are entitled to receive your monthly Social Security payment regardless of your wealth or income because you have been paying into the program over time.
On the other hand, Florida Medicaid is a strict qualification program for individuals who can’t afford long-term care. Compared to Social Security, you or a loved one do not pay into the Medicaid system and therefore are not entitled to receive payments. Instead, you must meet distinct asset and income requirements set out by the State of Florida to be eligible for Medicaid in Florida. These requirements can be met by following a strategic legal plan from a Florida Medicaid Planning attorney, like those at the Life Law Planning Group.
Understanding Florida Medicaid Eligibility
Many people misunderstand the eligibility requirements for long-term care Florida Medicaid because of the complex rules and regulations as well as the misinformation that has been circulated on this subject. Senior citizens’ families should only seek legal advice about Medicaid coverage from qualified Florida Elder Law attorneys, like those at the Life Law Planning Group. Without this expertise, you risk the possibility of receiving a denial for Medicaid Eligibility, which would mean being personally liable for the cost of your care in a skilled nursing facility, assisted living or in your own home.
Medicaid eligibility strategies are dependent on many factors, such as whether you are single or married, how many assets you have, what your income is, whether you have dependents, etc. The Life Law Planning Group understands Florida’s specific Medicaid application and approval process, and we are available to create your Medicaid plan based on your circumstances.
What are Florida’s Medicaid Qualification Requirements?
Florida offers Medicaid programs to several groups of people, including aged or disabled residents. To receive Medicaid benefits in Florida, you or a loved one must meet eligibility requirements of residency and citizenship. There are also strict needs, income and asset tests that must be met. It is important to meet with a Florida Medicaid Planning attorney, like those at the Life Law Planning Group, to discuss eligibility strategies to shift assets legally and ethically from ”unprotected” to “protected” status.
Long-term care Medicaid is not just for the destitute but is also available to those who have saved their whole life for retirement, only to find they cannot afford the care they need. Without the assistance of Medicaid, you or a loved one will be held financially responsible for the cost of care. Our Florida law firm can help you or a loved one protect your savings from being spent down on the high costs of elderly care in Florida.
The reality is that care costs are trending up & people are living longer— these two factors combined mean care will cost more than most people think!
Florida Annual Median Cost of Care (2020)
|IN-HOME CARE||COMMUNITY/ASSISTED LIVING||SKILLED NURSING FACILITY|
|Homemaker Services $50,336||Adult Day Health Care $16,900||Semi-Private Room $104,025|
|Home Health Aide $51,480||Assisted Living Facility $44,400||Private Room $117,804|
Your Florida Medicaid Proactive Planning Lawyer
It is a common misconception that Floridians who own too much or their income is too high cannot qualify for Medicaid. This simply isn’t true. Eligibility is possible even though you own assets and receive income, if you have utilized proper Medicaid Planning. Consulting with an experienced Medicaid Planning attorney can make navigating the process of Florida Medicaid eligibility possible. The right advice can mean the difference between eligibility for Medicaid and losing all your hard-earned assets to a skilled nursing facility.
If you have the desire to make a gift or leave an inheritance to your children or charities, consider discussing your ideas with an Elder Law Attorney before giving any gifts or moving any assets around. Proper structuring means you can still own certain assets and have income, but you must comply with the rules and regulations that govern Medicaid qualification.
The Life Law Planning Group has helped many clients understand Medicaid and has created unique plans to save our clients’ life savings from being spent on long-term care. Our team will craft a legal plan that prevents or minimizes the need to spend down your assets before qualifying for Medicaid. These strategies will help pay for costs associated with health care and protect assets so you have something to pass onto your heirs.
The Life Law Planning Group is here to help you and your loved ones understand Crisis Medicaid Planning, Proactive Medicaid and Elder Law Planning, Estate Planning, Veterans Planning and Special Needs Planning. Our Florida law firm welcomes the opportunity to consult with new clients in Broward County, Palm Beach County and surrounding South Florida areas to learn more about how we can help meet your Medicaid proactive planning needs.
Let us help secure your family’s future.