FREQUENTLY ASKED QUESTIONS //
We know that the Medicaid application process can be hard to understand - we are here to make this journey as easy as possible. Call Elder Care Planning to discuss Medicaid planning options and asset preservation strategies to ensure your family’s financial protection. We are here for you.
How is Nursing Home Care paid?
- Medicare
- Florida Medicaid
- Long-Term Care Insurance
- Veteran's Benefits (under very special circumstances)
- Private Pay
Will Medicare cover for my nursing home bills?
Medicare, in most cases, will cover up to 100 days for rehabilitative benefits if the applicant has had a 3-day hospital stay. A co-payment of over $100 per day may apply after 20 days. The individual is responsible for the co-payment unless he/she has secondary insurance coverage or applies for Medicaid.
Will Florida Medicaid pay for my nursing home?
Florida Medicaid will provide benefits to residents of nursing homes under the Institutionalized Care Program (ICP). Most nursing home costs are covered by ICP. Certain requirements apply as dictated by the Florida Department of Children and Families.
What does the Medicaid Diversion program cover?
Some qualified home care costs, Medicare supplement, incontinent products, adult day care, meals on wheels, and part of Assisted Living costs.
I have a long term care policy; will I be covered for nursing home care?
Most policies have limitations for the amount and the term of coverage. The cost of nursing home care is not fully covered in most instances.
Can my assets be protected?
YES. As long as the correct Medicaid guidelines are followed. At Elder Care Planning we are versed on ALL of the current Florida Medicaid Guidelines.
What assets are considered for Medicaid qualification?
The Asset test separates your assets as countable, non-countable or unavailable for Medicaid purposes. Listed below are just a few examples of how your assets will be divided:
COUNTABLE
- Bank Accounts
- Money Market Accounts
- Individual Stocks
- Mutual Funds
- Life Insurance Cash Value (over $2,500)
- Vacant land
- Privately Held Business
NON-COUNTABLE
- Personal Residence
- Primary Automobile
- Secondary Auto over 6 yrs old
- Certain Annuities
- Rental Property (Income only)
- Life Insurance C. V. (Under $2,500)
- Burial Plot
- Household Goods
- IRA accounts (in payout mode)
The above list is not all inclusive, but provides an example of how someone with assets could still qualify. A major challenge for Medicaid applicants is repositioning their countable assets to non-countable assets in order to fall below the allowable asset limit. There are provisions to preserve those assets by following Medicaid guidelines.
What is a "look back period?"
It is the amount of time Medicaid can look back for any transfer of assets. Currently, it is a 5 year look back on all transfers.
Do I get disqualified for Medicaid if I transfer property to my loved ones?
No. There are property transfers allowed under Medicaid guidelines.
If I begin to pay for the nursing home care myself, must I exhaust all my assets before getting Medicaid?
No. There are provisions to protect your assets and become eligible for Medicaid.
My relative gave me $11,000 in the past two years; will this affect the eligibility for Medicaid?
All gifts in the look back period are considered, but it depends on the amount and the date of the gifting whether eligibility is impacted. Any gifting done within the look-back period will need to be addressed or ineligibility will occur.
What is a Living Will?
This is a written declaration stating your wishes regarding the use of any life-prolonging medical treatment. In Florida, the Living Will covers machines as well as the use of artificial nutrition and hydration. As with the Health Care Surrogate appointment, it is not a legislated form.
What is Durable Power of Attorney?
A Durable Power of Attorney is a written document designating another individual to act on one’s behalf in the event the designating person becomes incompetent. It grants the designee authority to act as agent or attorney in-fact, thus you allow them to sign your name and make financial decisions on your behalf should you become incapacitated. Be sure to select someone you fully trust. Provisions should be made for an alternate designee. A properly drafted Durable Power of Attorney is of utmost importance with asset planning transfers during the process of qualifying for Medicaid.
What is an Income Trust?
A Qualified Income Trust (or "QIT") is a requirement in order to qualify for Medicaid benefits when the individual’s income exceeds the MEDICAID INCOME LIMIT in the state of Florida. (The trust is a legal document that must be drafted by an attorney) This trust must be created and funded in the month that an applicant needs Medicaid benefits.
Is gifting allowed?
No. Gifting will result in medicaid denial.
Why do I need to plan?
There are strategies allowed by Medicaid guidelines to preserve assets and still qualify for Medicaid benefits. Executing an Asset Preservation Strategy will allow you to preserve most or all of your assets. There are events that can take place to properly shift assets out of an individual’s name prior to applying for Medicaid benefits.
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Copyright 2013 Elder Care Planning of Florida
The information obtained at this website is not intended to be used as legal advice.