Reply to How will this work (financing for nursing home) ....

Forum Index » Eldercare

Reply to "How will this work (financing for nursing home) ...."

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]https://www.medicaidplanningassistance.org/medicaid-eligibility-florida

Florida:

Nursing Home - monthly income limit:   $2523.  -- asset limit.  $2,000

The home is an exempt asset in Florida if she plans to return to live there and equity is less than $636,000.  However, after she dies, the state will try to recover from the estate.

With Florida Medicaid, under certain circumstances the home can be trasferred and become an exempt asset.

[quote]Florida Medicaid allows transfers of homestead in the following circumstances:

Legal spouse
A child under 21
A blind or permanently disabled child
A sibling who has equity interest in the home
Adult son or daughter[/quote]

Rental properties are exempt assets under Florida law.  But the rental income counts as income.

A life estate interest in a property is exempt as a Medicaid asset if the life estate was set up 5 years before applying for Medicaid.  Except for Ladybird deeds.  "A Lady Bird Deed is a transfer of property to another with a reservation of a life estate. Meaning a person can transfer property and retain ownership in that property until death, at which point it will then transfer to the other."

[quote]"Lady Bird Deeds and Medicaid/MERP
Say you want to apply for Medicaid benefits, and you have transferred property within 60 months prior to a loved one, for less than what their fair market value is (i.e. gifting your house to your children) Medicaid will then apply a transfer penalty against you. For example - you give your child your house for $10,000 but the house is actually worth $100,000 fair market value, Medicaid penalizes you by delaying in months your eligibility date. But, if you use a Lady Bird Deed, you still have full control over that property, and it does not activate this "transfer penalty."'[/quote]

If you have too much income and assets to qualify for Medicaid on face value, in Florida you can apply via the "Medically Needy Pathway".

[quote]1) Medically Needy Pathway – Florida has “Share of Cost” Program, also called a “Spend-Down” Program, for persons who apply for Regular Medicaid / Medicaid for Aged and Disabled and have income over the Medicaid limit. This program allows persons to become income-eligible for Medicaid services by spending the majority of their income on medical bills (i.e., health insurance costs, such as Medicare premiums, and medical service bills). In 2022, the medically needy income limit in FL is $180 / month for a single applicant and $241 / month for a married couple. The “spend-down” amount is the difference between one’s monthly income and the medically needy income limit. Once the “spend down” is met, one will be Medicaid eligible for the remainder of the month. The medically needy asset limit is $5,000 for an individual and $6,000 for a couple.[/quote]

SO your aunt would spend all of her monthly income on nursing home care, except $180.  Then Medicaid would pick up the remaining cost.

So if your aunt's Social Security income was $2000 a month, and a nursing home costs $7000 a month, she would pay $1820 and get to keep $180 from her monthly check.   Assuming all her assets were gone or exempt, the state Medicaid system would then cover the remaining $5180 each month.

[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics