Avoid the Spend-Down Smart Strategies for Medicaid Eligibility
Many Americans will reach a point where they need assistance to cover their long-term care costs. Thankfully, Medicaid can help offset the high expenses incurred while in a nursing home or assisted living facility, and for other medical needs. However, becoming eligible for Medicaid takes prior planning and action. If you’re currently enrolled in Medicaid or planning to enroll sometime soon, take some time before the new year to ensure you qualify for benefits without needing to spend down assets or put yourself in a bad position. One of the most important things to remember when applying for Medicaid is the income and asset limits associated with eligibility. For 2025, individuals enrolled in Medicaid must keep their monthly income below $2,901 and have no more than $2,000 in countable assets. These assets include money in
bank accounts, investments, and real estate outside of your primary residence. Your home, one vehicle, and most personal belongings are not included when determining countable assets. Hearing these limits may cause concern, as many Floridians have assets worth well over $2,000, but our team can use various strategies to put you and your loved ones in a great position going forward. You can establish trusts, transfer assets to your spouse, or make smart Estate Planning decisions to protect your assets for future generations and help cover other impending expenses. Proactivity is key here. Florida has a five-year look-back period that has to be properly navigated to ensure eligibility. By planning ahead and taking the correct actions, you can qualify for Medicaid and protect your assets, loved ones, and yourself. If you don’t think planning for Medicaid is necessary, think again! The average cost for a private room in an assisted living facility in Florida is over $100,000 a year. If that sounds out of your financial reach, then Medicaid planning will benefit you immensely. Call us today if you have any questions or need help applying for benefits.
Sudoku
Check Out Our Seminars
Living Trust • Thursday, Dec. 18, 2 p.m. Boca (Location for all dates: Spanish River Library, 1501 NW Spanish River Blvd, Boca Raton ) Living Trust • Tuesday, Dec. 9, 10 a.m. Naples (Location for all dates: Naples Bay Resort & Marina, 1500 Fifth Avenue South, Naples ) Living Trust • Tuesday, Dec. 9, 10 a.m. Medicaid Planning • Tuesday, Dec. 9, 2 p.m. Wellington (Location for all dates: Fairfield Inn: 10616 Forest Hill Blvd, Wellington ) To reserve a spot, call us at 561-955-8515 ! For more information scan the QR code above or visit our website SiegelLawGroup.com/events !
3 561-955-8515
Made with FlippingBook Ebook Creator