Rising standards of living and life expectancies mean that you can probably expect to live significantly longer than past generations. While enjoying more years with loved ones is invaluable, the actual cost of care during later years can be paralyzing. Long-term estate planning can help ensure that you have access to much-needed Medicaid coverage.
In Florida, Medicaid is a state-administered program funded by the federal government. Medicaid can cover the cost or provide valuable assistance if you need long-term care in a residential facility, but you may not qualify if your assets or income exceed a certain amount. When the average institutional care topping around $96,000 annually, you cannot afford to miss out on Medicaid benefits.
Rather than draining your life's savings on care before qualifying for Medicaid, you can use qualified income trusts to protect what you worked so hard to earn. Medicaid rules are complex, though, so simply chucking your assets into a trust will not necessarily help you qualify. You must carefully follow the regulations and structure your assets in such a way that they are not considered during the application process. You also do not want to cut yourself off entirely from accessing your funds when they are needed.
This type of long-term estate planning requires an in-depth knowledge of the Medicaid application process, its rules and governing regulations. If you are worried about possibly losing your life's savings on only a few months of nursing home care, you need help. More information about the Florida Medicaid program and how to qualify is readily available on our website.