Don’t Bet Your Retirement on a Guess The Secret to Smarter Medicaid Planning
As we age, we begin to consider our Long-Term Care needs and what they may entail. The vast majority of Americans envision themselves aging in place from the comfort of their own homes, still carrying on with their everyday routines for as long as possible. However, this is not a reality for everyone. We may need extra attention our loved ones can’t provide, or may even need a caretaker to watch
over us if we develop Alzheimer’s or start to struggle with our physical health. You must have a backup plan in case your initial plan does not work as intended, and for most of us, that backup plan will involve Medicaid. Many people assume that Medicaid will be available to them when they need it, but that’s not necessarily how it works. It requires time and intentional strategy to become eligible for Medicaid, as individuals must keep their monthly income below $2,901 and their assets under $2,000 to qualify for regular Medicaid. Additionally, Florida has a five-year look- back period, during which officials will audit your past transactions from the previous 60 months to determine if you gave away assets or bent the rules to qualify. This is why it’s so important to
work with an Elder Law attorney with vast Medicaid experience. When you work with us for your Long- Term Care needs, we’ll do what we can to make sure you can qualify for Medicaid without needlessly spending down your assets. While we can use many strategies, one proven successful is applying for and obtaining a Medicaid waiver through a special waiver program offered by iBudget Florida, Developmental Disabilities Individual Budgeting, Florida Long-Term Care, and others. These programs allow you to seek early Medicaid approval. This can be a faster process than waiting to meet eligibility requirements. Applying for Medicaid or obtaining a Medicaid waiver is best done with professional help. Contact us today to learn how we can assist you!
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