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[av_heading heading=’Florida Medicaid Eligibility Asset Test’ tag=’h1′ style=’blockquote modern-quote modern-centered’ size=’40’ subheading_active=’subheading_below’ subheading_size=’15’ margin=” margin_sync=’true’ padding=’20’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” av_uid=’av-jmqhg8bp’ admin_preview_bg=”]
An applicant may have only $2,000 of “countable assets” in order to qualify for Medicaid. However, if the applicant’s monthly income is less than $872, they can keep $5,000 of assets. As of 2016, the community spouse may only have $119,220 of countable assets.
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Asset Test For Florida Medicaid
Examples of countable assets include:
- CD’s
- Savings Accounts
- Checking Accounts
- Bonds
- Stocks
- Money Market Accounts
Examples of Excluded assets include:
- Homestead
- Vehicle
- Life Insurance
- Burial Funds and Prepaid Funeral Contracts
- Personal/Household Goods
- Retirement Accounts
- Properly Structured Immediate Annuities
- Ongoing Business Concerns
Those assets not classified as “countable assets” are referred to as “excluded assets” and are not counted by Medicaid.
Florida Medicaid Eligibility Asset Test
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Medicaid Excluded Assets
Homestead – The home is excluded if the spouse, or certain dependent relatives, continues to reside in the home, or the applicant intends on returning to the home.
Vehicle – One vehicle of any age may be excluded, along with a second vehicle if it’s over seven years old, and not an antique, luxury or custom model.
Life Insurance – If the total face value of all of the policies exceeds $2500, the cash value would be considered an asset. If the total face value of all of the policies is less than or equals $2500, then the cash value would be excluded as an asset.
Burial Funds and Prepaid Funeral Contracts – In an irrevocable burial contract, the full value is excluded regardless of the amount. There is also a $2,500 exclusion of funds designated for burial expenses. A new bank account (e.g. John Smith Burial Account) may be established for this purpose. In addition, one burial plot is permitted for each family member.
Retirement accounts – Retirement accounts, including IRAs, are not counted, provided they are properly structured and the applicant and spouse take regular income distributions from the account. Florida Medicaid Eligibility Medicaid Asset Test.
Properly Structured Immediate Annuities – Those assets entered into properly structured, “Florida Medicaid-Friendly Annuities” are deemed excluded. Medicaid Annuities are frequently used to preserve a family’s assets. Medicaid has several requirements that must be met in order for the assets placed into the annuities to be excluded. If care is not taken to properly structure the annuity, the family may run the risk of tying up assets and being declined for Medicaid. As a result, it is imperative to secure the services of a knowledgeable Medicaid practitioner to structure the annuities properly.
Ongoing Business Concerns – Since they generate income for the applicant that is ultimately contributed towards the cost of care as patient responsibility, ongoing business concerns are typically excluded as assets. Another real property that is rented or listed for sale is also excluded.
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How We Are Compensated
Florida Nursing Home Medicaid Eligibility
Florida Medicaid Eligibility Asset Tes
Helping Americans obtain the Medicaid long-term care they require.
We charge a very reasonable fee based on the applicant’s needs and the complexity of the customized Medicaid plan you will receive. Also, as a Florida licensed financial aid and insurance agency, we provide Medicaid compliant annuities and guaranteed issue life insurance, when appropriate, to preserve and protect assets as part of our value-added products consulting services. We receive commissions from the financial institution issuing the annuity or life insurance as part of our compensation.
In Florida Medicaid Eligibility our mission is to connect families that require Medicaid with the most appropriate and affordable resource to guide them through the complicated Medicaid application process.
Given the time required for to review a Medicaid application, the complexity to appeal and the expense of paying for care during this time, it is vital that families find the right assistance to help them prepare for a Medicaid application to ensure a rapid approval. There is not a perfect solution. The best, most affordable option depends on a variety of factors: age, residence, finances, health and the type of Medicaid as well as seemingly unrelated factors such as veterans status and home ownership.
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