Menu

Lenny Rosen, Insurance Agent

LICENSED INDEPENDENT INSURANCE AGENT 

Apply for Medicaid in Florida

Click this link to apply for Medicaid in Florida

Call me if you have questions or need help applying:   561-740-8055

 

Asset Exemptions

You may qualify even if you think you don't.  There are many asset exemptions.

  1. The House - if a Medicaid applicant's primary Florida residence has less than $572,000 in equity (as of 2018) and the Medicaid applicant has intent to return home, the house is exempt.  If a Medicaid applicant is married and the spouse continues to reside in the house, it is exempt, regardless of value.  This also applies if there is a minor child, or special needs child living at home.  You should not have to sell your house to qualify for Medicaid.
  2. A certain amount of cash to benefit a non-Medicaid spouse.  The "Community Spouse Resource Allowance" (CSRA), allows the healthy spouse (that does not require Medicaid or nursing home care) to retain up to $123,600.00 (as of 2018) while their husband or wife receives Medicaid long-term care benefits.
  3. One Car - regardless of value (within reasonable limits, don't buy a Lamborghini).  Also, a second vehicle that is seven years old or older will not be counted by Medicaid.
  4. Personal Property (within reason).  Medicaid is not going to expect you to inventory your silverware, jewelry, clothing, refrigerator, and armoires... but if a new diamond ring is purchased, or if an original Picasso is in the living room, those will be questioned and counted.
  5. Home Improvements -  (any amount... can get that new kitchen, put on a new roof, etc... but the intent is for people to install railings, wheelchair ramps, etc.)
  6. Life Insurance - Up to $2,500 Total and Combined Cash Value.  Death Benefit is not calculated because Medicaid is only looking for accessible resources (and the death benefit is not accessible to the Medicaid recipient while they are still alive.
  7. A 401k  or an IRA - If the Medicaid applicant is taking Required Minimum Distributions (RMDs), these assets can be excluded.  However, the payout amounts will be deemed countable income.
  8. Assets that cannot be sold or "Unavailable" - a classic example is a timeshare.  Timeshares can be extraordinarily difficult to sell, yet they are an asset (and not protected by Homestead Exemption).  But, if you can show that you attempted to sell (i.e. get a letter from a broker or the timeshare company indicating that a "good faith effort" to sell has been made and the asset cannot be sold or the timeshare company won't buy it back), then Medicaid cannot count it as an asset.
  9. Pre-Paid Funeral - can buy irrevocable pre-paid funerals for a Medicaid applicant and basically their entire family.
  10. Rental or Income Producing Property - a non-homestead property that is rented out for fair market value will not be counted.  However, the income will be counted.

Legal help is recommended.  Don't try to do this yourself.

For legal help: go to WWW.ElderNeedsLaw.com