Southwest Florida's Health and Wellness Magazine Health and Wellness Articles
By David L. Orosz, Attorney at Law
Q: Will Medicare or private health insurance pay for all or part of long-term nursing home care?
A: NO. There are only shot-term benefits available, if any at all.
Q: If a person qualifies for Medicaid, will Medicaid pay for the entire cost of care?
A: Yes. Subject to certain legal requirements, Medicaid will pay for the entire cost of care.
Q: What assets can I keep and still be eligible for Medicaid benefits?
A: Basically they are: personal residence, one automobile, whole life insurance with total face values under $2,500, term life insurances, burial plots, burial funds to 2500, household furnishings, wedding rings, savings of $2,000 in cash for a single person and, if married, $100,000+ in cash for your spouse.
Q: What kid of assets could Medicare require be spent before a person is eligible?
A: Such assets as cash, bonds, savings, stocks, life insurance cash values, real property, etc. With proper preplanning and competent advice, all of thee assets can be preserved?
Q: If the applicant for Medicaid has a spouse, must the spouse’s income and assets be included?
A: Generally, YES. However income and savings above minimum requirement levels can be protected if you know your legal rights.
Q: Can a person transfer a family residence, savings, or other assets prior to applying for Medicaid and still be eligible?
A: YES, providing there is full compliance with the relevant federal and state regulations for Medicaid. A family residence should never be sold or transferred without first obtaining competent legal advice.
Q: Will living revocable trust provide Medicaid eligibility?
A: NO. While the living revocable trust is a basic and valuable estate planning device, the assets in the trust are still considered as belonging to you for Medicaid purposes. However the durable power of attorney (usually part of every trust) is an essential document in all Medicaid preplanning.
Q: Why is preplanning so important?
A: The loss of life savings and family residence can have a devastating financial and emotional impact on the entire family. The money saved from a lifetime of hard work may be spent in the matter of months when a family member is faced with long
term nursing home care. With competent legal advice and proper preplanning, it is possible to preserve all of the life savings, the family residence and other assets and still qualify for Medicaid.
Q: Do I need an attorney for Medicaid application process?
A: Absolutely! The Florida Supreme Court has recently spoken. Specific rules and guidelines have been established governing conduct of non-attorneys in the Medicaid application process. Violators, including co-conspirators, are now subject to a third degree felony prosecution.
Q: Once you are in a nursing home are there still planning options available?
A: It is even possible for a person already in a nursing home to protect all or a substantial portion of his/her life savings and be eligible for Medicaid. However, once you have spent all of your assets you no longer have any options available!
Q: What is the cost of preplanning and the Medicaid application process?
A: There is no fee for the initial consultation. We furnish a published fee schedule based upon set fees for documents and service. (No hourly rates!) For any recommended plan or documents you will be provided a fee contract for your review, consideration and comparison-shopping. Fees are due and payable at the time that the plan has ben fully implemented as agreed.
Security Is Knowing The Right Answers
Call 239-334-8585 if you have any questions and for more information or visit www.floridamedicaidlawyer.com
