FLORIDA – November 7, 2020
Elder law provides for assistance with applications to necessary elder support programs that should be put into place to assure the protection of an elderly person’s assets, and their mental, physical, and emotional well-being as they require assisted living services, or home care. Medicaid provides for different types of necessary care, but has specific requirements that must first be met to obtain requested benefits. An experienced elder law attorney can assist clients in completing applications to Medicaid for these services, as well as moving their assets into protective financial situations to assure a constant revenue stream to cover the costs of long term elder care.
Elder law attorneys assist with the necessary financial planning that is required to qualify for Medicaid application. Senior citizens in America require assistance in their activities of daily living as they age and need to hire either home care services, or move into a nursing home, or assisted living situations that can be quite costly without utilizing the Medicaid program. Attorneys can explain Medicaid options and how Veterans’ Benefits impact payments from Medicaid for long term care.
Medicaid requires individuals to prove medical necessity which must be certified by a Florida doctor verifying that a person needs assistance with activities of daily living; applicants must have no more than $2,000 in assets and earn no more than $2,349 as monthly income per 2020 guidelines. The requirements seem to be quite stringent, but if an elder law attorney assists individuals with the proper structure of assets, Medicaid can reduce the financial strain on aging individuals.
Assets and exemptions.
Assets can be secured if a spouse continues to live in the family home that the Medicaid recipient plans on returning to, or that has less than $595,000 of equity in value. Another scenario may be to transfer a house to an adult child who is the caregiver and lived in the home for the two years leading up to their parent’s admission to a skilled nursing facility. There are occasions where personal property, a car, certain insurance policies and retirement accounts may be exempt from Medicaid qualifications. Elder law attorneys can help identify what is exempt and what is not when applying for Medicaid services.
Seek legal counsel to address questions and concerns about how to apply for Medicaid, and how Medicaid and Veterans’ benefits work together to cover an individual’s long term care financial obligations. Contact an experienced attorney at The Estate, Trust & Elder Law Firm, P.L. in Vero Beach Florida to assist with plans for finances and available care options.
The Estate, Trust & Elder Law Firm, P.L.
IRC Chamber of Commerce
1216 21st Street
Vero Beach, FL 32960
By appointment only.