Medicaid Planning For Long Term Care in St. Petersburg
Medicare vs. Medicaid: Many confuse Medicare with Medicaid. They are quite different. Medicare is a Federal program available to senior citizens and disabled persons. As a general rule, Medicare will not pay for long-term care, and there is no limit on the value of an individual’s assets or income to qualify. Medicaid, on the other hand, is a medical assistance program that is run through the cooperation of the State and Federal governments. The purpose of Medicaid is to provide medical care and assistance for persons who are 65 or older, disabled, or blind. Medicaid eligibility is limited based on the value of an individual’s assets and income. Medicaid, however, will pay for nursing home care and long-term care.
Medicaid planning asset protection is often considered as a way to pass your assets on to your family should you require nursing home long term care. There are Federal guidelines which govern Medicaid, though the program can vary depending on the particular state. A Medicaid Planning Attorney can help you figure out which requirements are relevant when you are applying for Medicaid.
Medicaid has an “Institutional Care Program” (ICP) that pays for nursing home care for qualified individuals. The applicant for ICP must generally qualify under the eligibility requirements to receive Medicaid. The applicant must:
- Be 65 years of age or older, or disabled.
- Be a citizen of the US.
- Have Florida Residency.
- Have a Social Security Number.
- Also file for any other benefits which are available to them.
- Notify the State of Florida whether they have current health insurance coverage.
- Be medically determined to require the services of a nursing home.
- Be placed in a Medicaid eligible nursing home.
There is also a medical assessment that is required to qualify for the benefit program. Additionally, there is a “financial test” to determine if the applicant's assets and income exceed the limitations for the program. Many applicants who do not initially appear to qualify due to having too many assets, or too much income, may actually qualify as there are certain assets which are exempt from the calculation. A Medicaid Planning Lawyer or Elder Law Attorney will provide assistance to you in determining which assets must be counted, and which can be legally excluded in from the calculation.
One of the questions that are often asked about Medicaid and planning for elder care is whether or not Medicaid Planning is legal. In a nutshell, Medicaid planning is allowed, and the Medicaid rules and laws have been written with provisions that are favorable to those currently applying for the program, as well as those who are planning for the future. Of course, what is allowed, and what can be accomplished in terms of planning will vary on a case by case basis.
each and every situation is different, so having experienced Medicaid planning services at your disposal tends to be of great importance.
An attorney offering Medicaid planning services may offer a multitude of strategies and planning options, including but certainly not limited to things like irrevocable trusts, wills, advance directives, life estate deeds, personal service and care contracts, and many other forms of estate planning typically handled in the realm of elder law and estate law. Of course each and every situation is different, so having experienced Medicaid planning services at your disposal tends to be of great importance.
In getting qualified for Medicaid nursing home care, there are many mistakes which can be made by the inexperienced applicant. These errors can cost a great deal, and sometimes create an emergency situation where one did not otherwise exist. As a St. Petersburg Medicaid Planning Lawyer with over two decades of experience as a lawyer we can help you with your Medicaid planning. We want to take these potential estate planning problems and create solutions for you. We always offer a free ½ hour initial in-office Medicaid planning and estate planning consultation. Our goal at David P. Folkenflik, P.A. is to provide you with friendly, prompt, and competent legal services at an affordable cost.
The information contained herein does not constitute legal advice as that can only be given by a direct consultation with the attorney after having reviewed your entire matter and relevant documentation. Actual terms and conditions of representation will be contained in the Representation Agreement.