With the cost of nursing home care now averaging roughly $6,200 a month, it should come as no surprise that two out of three families run out of money within the first year of a prolonged nursing home stay. Fortunately, our firm can help you qualify for assistance from Medicaid… without spending down your income or giving up most if not all of your assets.
The Medicaid Institutional Care Program is a federally and state funded social security program that pays for nursing home care for indigent individuals. The program has five main criteria. First, the applicant must be a U.S. citizen. Second, for Florida Medicaid, you must be a Florida resident. Third, you must be receiving skilled nursing care at a nursing home. Fourth, as of 2012,
you may not have over $2,094 per month in income. However, if your income
exceeds this level, the rules allow you to create a qualified income cap trust
in order to qualify. Fifth, you cannot have over $2,000 in assets. If you are
married, your spouse may have $113,640.00 in assets (again, as of 2012). Certain assets, such as the homestead and an automobile, are not counted.
Please consult us before making any hasty decisions that might end up costing you your hard-earned life savings. We can handle the application and qualification process, create qualified income cap trusts if needed, and show you other ways to protect your assets for your use and that of your loved ones.