Here’s a common problem: You have an aging parent who cannot afford the nursing home or the long-term care facility they need. To compound the issue, they also don’t qualify for Medicaid. When people find themselves in this scenario, they may make the quick assumption that the only way they will be able to afford a nursing home (without any financial assistance from Medicaid) is to sell their assets. Instead of passing down your belongings to your loved ones, you will be forced to use them to reduce the significant costs associated with nursing homes.
However, we have great news—and it means that you can afford the care you need while still retaining your property and assets. One of the biggest misconceptions about Medicaid is that you don’t and won’t qualify for it. Florida’s Medicaid rules are vastly different from other states. Whether you have $50,000 or $1,000,000 to your name, you can still work with a lawyer. Your attorney will:
- Protect the funds you have
- Assist you with becoming eligible for Medicaid
The Florida Supreme Court deems these issues to be the practice of law, so you will need a licensed attorney to assist you. This should be seen as a positive thing because multiple programs fall under the Medicaid umbrella. Having an attorney will allow a legal professional to learn about your unique situation and find a solution that meets your needs.
Sadly, there are situations when people try to become eligible by selling off their assets—or they give away their belongings at a price that falls well below market value. For instance, selling your home to another family member for $1 will only complicate your situation. Doing this could work against you.
Furthermore, your attorney is going to look at your income. This includes money you receive from Social Security, retirement accounts, and more. If your income is above the income cap (which changes), you don’t qualify for Medicaid “naturally.” However, there are legal ways of dealing with the money that puts you over the cap. And these are going to enable you to become eligible for Medicaid.
Family First Firm
At the Family First Firm, we have lawyers who work specifically with Medicaid. You can discover ways to afford the long-term care facility you need. Set up an appointment with our attorneys for more information about either Medicaid or Medicare laws. We are excited to meet and assist you.