If you or a loved one is in need of long-term care, the high cost associated with it may lead you to think it is not something you can afford. After all, the average cost of nursing home care is over $8,000 per month. However, leveraging Medicaid can make planning for these costs easier while also enabling you to better protect your assets.
As you may know, Medicaid provides healthcare coverage to low-income individuals and can include long-term care in a nursing home. Eligibility is considerably rigid, and the application process confusing, however. Partnering with a Medicaid planning law firm may be the best way to determine if this is a strategy you can adopt.
The Law Firm Of Myrna Serrano Setty, P.A. has offices in Tampa, Florida, and Wesley Chapel, Florida. From them, we exercise our specialty in Medicaid planning for seniors and their families, using our deep understanding of the difficulties and intricacies of the program. We aim to deliver the highest probability of success for all our clients.
Serving You In
Medicaid planning involves structuring income and assets to meet the program’s rigid eligibility criteria. Good Medicaid planning does this through setting up trusts, transferring assets, and converting assets into exemptions to maximize your assets’ protection. Our Medicaid planning lawyers will assess your specific situation and create a plan tailored exactly to your needs. This is crucial because you may be disqualified even with only moderate wealth.
Florida Medicaid law requires you to submit a large amount of documentation when applying for long-term care coverage via Medicaid.
Federal and Florida law requires you to disclose all bank accounts and other investment vehicles. This includes any stock or bond holdings you may have, as well as other accounts such as IRAs. Be prepared to submit statements from as far back as five years, as well as any accounts that have been opened or closed within this period. Also, if you have sold or transferred any real estate, you must provide copies of documentation associated with all transactions, verification of fair market value, and property tax bills at the time of sale.
On top of this, you will need to submit the following:
- Verification of date of birth
- Income Verification Letter from Social Security
- Social Security card
- Medicare card
- Photo ID
- Proof of citizenship, if born outside of the United States
- Verification of pension income
- Verification of gross monthly income from other sources
- Income tax returns (including 1099’s) for the previous five (5) years
In addition to this list, you will very likely need to submit several more items.
As you are likely thinking, this is a rather complicated and involved process. However, one of our Medicaid eligibility attorneys can be invaluable in ensuring you correctly submit everything necessary.
If you are a veteran, there will likely be additional items you will need to reap the most from the program. Our Medicaid planning attorneys can tackle these and other special needs Medicaid planning situations for you.
Long-Term Care Planning
Long-term care planning involves preparing for the chance that you will need someone else to provide you with care at some point in the future. This can involve setting up trusts, purchasing long-term care insurance, and other methods to achieve the result you desire.
Medicaid planning helps you protect your assets while qualifying for Medicaid benefits that can help you pay for long-term care services, such as home health care, assisted living facilities and skilled nursing facilities. Through Medicaid planning, families can protect their savings and assets, while still accessing important long-term care services to enhance their loved one’s quality of life.
- Common Mistakes People Make When Medicaid Planning (And How To Avoid Them)
- FAQs About Medicaid Planning In Florida
- What You Need To Know About Medicaid Planning
- What Should Be The Goal Of Medicaid Planning?
- What Is The Cost Of Nursing Home Care? Can The Average Person Afford It?
Get Started Today
Medicaid planning may work for you, but it is essential to consult with a lawyer to see if this is so. Our lawyers use their extensive experience in Medicaid planning to protect your assets and position you for a debt-free future. Contact us today so we can show you how.