The eligibility requirements for Medicaid have changed for Florida as of 1/1/2012. There were changed in the income criteria, maximum amount of assets, and maximum equity in your homestead property.
Florida Medicaid Income Limits as of 1/1/2012.
The Applicant’s income limits have increased from $2022/ month to $2094/month. If the applicant for Medicaid has income in excess of $2094, they may use a Qualified Income Trust or Miller Trust to help the applicant qualify for Florida Medicaid Benefits under the Medicaid Asset Test.
Florida Medicaid Asset Limits as of 1/1/2012.
For an individual who is not married, the Applicant can only have $2000 in countable assets. This number is unchanged from 2011.
For an Applicant who is married, their Spouse’s Asset limits have increased from $109,560 in 2011 to $113,640 as of 1/1/2012.
If you have more than the maximum assets, we can talk about how to convert countable assets to exempt assets, spend the money appropriately or plan for gifting, loans, or Medicaid compliant annuities to allow you to qualify even if you have significantly more assets than the maximum.
Florida Medicaid Homestead Equity Limits as of 1/1/2012.
An Applicant for Florida Medicaid can have $525K in homestead equity. This value has increased from the $506K which was allowable in 2011. If your home has more than the maximum value of equity, there are ways to reduce the amount of equity to allow you to qualify for Florida Medicaid.
if you or a family member will be looking for Florida Medicaid Benefits, you should consult with a Florida Medicaid Lawyer before you apply for coverage to protect excess income or assets and allow you to qualify properly. Many of these techniques can still be used even if the family member is already in a nursing home.
As you or your family members age, it is important to review your Florida Estate Planning Documents with someone who is familiar with Elder law and estate planning because many of the techniques used for estate planning can cause problems when applying for Florida Medicaid Benefits