Applying for Medicaid for long term care can be a frustrating process. Learn how a Florida Long Term Care Financing Solution Company can help! The Department of Children and Families is the agency that accepts or denies Medicaid applications for long term care whether that be for assisted living, skilled nursing, or in-home care.
Benefits of a Florida Long Term Care Financing Solution Company:
There are several ways in which a Florida Long Term Care Financing Solution Company can be of great assistance when dealing with The Department of Children and Families. In this article we will discuss income and countable assets.
A Florida Long Term Care Financing Solution Company can help navigate The Department of Children and Families’ eligibility requirements for income and countable assets. An individual applicant cannot have more than $2,829 in monthly income. Additionally, they cannot have more than $2,000 in countable assets.
An individual applicant that is married cannot receive over $2,829 a month and cannot have more than $2,000 in countable assets, and their spouse cannot have more than $154,140 in countable assets.
A married couple that is jointly applying cannot receive over $5,658 in monthly income and cannot have more than $3,000 in countable assets. Are you overwhelmed yet? A Florida Long Term Care Financing Solution Company can help!
Those are the income and countable asset rules, but it is worth knowing what a countable asset is, and what a non-countable asset is. A Florida Long Term Care Financing Solution Company can help navigate this. Countable assets are used to determine eligibility, and they are things such as checking and savings accounts, IRA’s, 401k’s, 403b’s, annuities, etc. that are not giving distributions. If they are giving distributions, they do not count toward determining eligibility. One automobile is automatically considered non-countable. Additional vehicles will be assessed to determine if they are countable. A homestead property is non-countable as long as the equity in the home does not exceed $713,000. Again, a Florida Long Term Care Financing Solution Company can help navigate these complex rules.
The goal of a Florida Long Term Care Financing Solution Company is to help clients restructure their countable assets and income in such a way that the assets and income are preserved while still allowing them to qualify for Medicaid, with the aid of appropriate legal counsel.
The way a Florida Long Term Care Financing Solution Company restructures assets is by employing protection strategies so that countable assets become non-countable. Another goal is to make the assets not only non-countable, but exempt. Exempt assets are protected from recovery by the state at the applicant’s passing.
A common way of protecting excess income is by employing a Qualified Income Trust, which a Florida Long Term Care Financing Solution Company in conjunction with appropriate legal counsel can help with.
Final Words:
Contact Platinum Benefit Services, the premier Florida Long Term Care Financing Solution Company today to learn how we can, in conjunction with the appropriate legal counsel, protect you or a loved one’s assets and income to qualify for Medicaid long term care benefits!
