We often are asked if a parent sells assets to have funds to pay for a nursing home, or assisted living facility, will there be a penalty or waiting period before the parent can qualify for Medicaid benefits. The simple answer to that question is no. There is no transfer penalty or waiting period when…
Immediate annuities can be a useful tool to protect the spouse of a nursing home resident who applies for Medicaid. These types of annuities allow the nursing home resident to spend down assets and give the spouse a guaranteed income. But while immediate annuities for Medicaid planning work in Florida, they may not work in…
If you have a loved one with disabilities, you may be familiar with ABLE accounts, authorized by Congress in 2014 under the Achieving a Better Life Experience Act. States can offer ABLE accounts to help people who become disabled before age 26 and their families save and pay for disability-related expenses. These expenses include housing,…
Is Medicaid planning complex? Sometimes, Medicaid planning can be easy. An example might be when there is a need for a Qualified Income Trust, for a nursing home resident who has spent down their assets to practically zero, and whose income is above the Medicaid limit of $2,313 for 2019. You just fill out the…
Frequently, we are asked whether the client can engage in Medicaid planning and the preparation of a qualified income trust, or Miller Trust, on their own. The short answer is that “yes” a person can do their own Medicaid planning and prepare their own qualified income trust. What you “can” do and what you “should”…
The following dollar amounts represent the Medicaid income and asset limits for 2019. If an individual exceeds these limits, they will not qualify for Florida Medicaid Institutional Care Program benefits, to help pay the cost of long term care in a skilled nursing facility. Often, when someone has excess income or assets, there are legal…
Spousal impoverishment for the community spouse who stays at home when the other spouse is in a skilled nursing home is always an important issue. Members of the U.S. House house of representatives have taken a step toward extending some of the financial protections provided to seniors receiving long-term care in home or community settings.…
The following message was released on November 30, 2018, by the Centers for Medicare & Medicaid Services (CMS), a division of the Department of Health and Human Services, announced actions that will bolster nursing home oversight and improve transparency in order to ensure that facilities are staffed adequately to provide high-quality long term care. These…
Interesting Facts About Long Term Care In Florida Florida nursing homes are serving increasingly diverse patient base and providing a greater variety of acute care, rehabilitative and convalescent services that cannot be delivered elsewhere. Key Facts There are 683 licensed nursing homes in Florida, representing approximately 83,587 beds (Souce: Agency for Health Care Administration) The estimated…
You may be afraid of losing your house to the nursing home, the State, or otherwise, if you must enter a nursing home and apply for Medicaid benefits to pay for the nursing home. While this fear may be well-founded in the vast majority of states, transferring the home to your children is usually not…
