Protecting Your Family's Assets in Florida: How to Legally Use Medicaid to Pay for Nursing Home and Assisted Living Care
In Florida, private-pay costs at nursing facilities can exceed $6,000 per month. Many families cannot afford to pay such excessive amounts - which can total more than $70,000 per year!
Search in google:
In Florida, private-pay costs at nursing facilities can exceed $6,000 per month. Many families cannot afford to pay such excessive amounts - which can total more than $70,000 per year!
Introduction - An Overview of the Benefits of Medicaid 1 Chapter 1 The Three Florida Agencies that Handle Medicaid 3 The Florida Department of Children and Families (DCF) 3 The Agency for Health Care Administration (AHCA) 4 The Florida Department of Elder Affairs (DOEA) 4 Chapter 2 The Three Tests for Medicaid Qualification 7 The Medical Test 7 The Asset Test 9 The Income Test 13 Qualified Income Trust 14 Chapter 3 The Three Medicaid Programs for Nursing Homes and Assisted Living Facilities 21 The Institutional Care Program (ICP) 21 The Medicaid Waiver Program for Assisted Living Facilities (Medicaid Waiver) 23 The Long Term Care Diversion Medicaid Program (Medicaid Division) 25 Chapter 4 How Single People Can Protect Their Assets 29 Personal Services Contract 30 Special Needs Pooled Trust (Pooled Trust) 32 Medicaid Qualifying Annuity 35 The Purchase of Income-Producing Property 37 The Purchase of a Homestead 40 Gifting (Asset Transfers for Less than Fair Market Value) 42 The Purchase of Other Exempt Assets 43 Repairs to the Homestead 44 Payment of Debts and Expenses 45 Chapter 5 Additional Ways Married Individuals Can Protect Their Assets 47 The Medicaid Qualifying Annuity 48 Spousal Refusal or Assignment of Rights to Support 49 Chapter 6 The Deficit Reduction Act of 2005 (DRA) in Florida 53 Long-Term Care Insurance 54 Asset Transfer Look-Back Period 54 Annuities 55 Individual Retirement Accounts (IRAs) 57 Gifting (Asset Transfers for Less than Fair Market Value) 58 Promissory Notes, Loans and Mortgages 58 Life Estates 59 Penalty Periods for Gifts 59 The "Income First" Rule 60 Hardship Claims 62 The Homestead Equity Cap 63 Entrance Fees for CCRCs or Life Care Communities 63 Chapter 7Other Important Medicaid Planning Considerations 65 Durable Power of Attorney and Guardianship 65 Avoiding Probate and Medicaid Benefit Recovery 67 Income Allocation for the Community Spouse (Income Diversion) 70 Medicare 72 Individual Retirement Accounts (IRAs) - An Asset or an Income Source? 73 Long-Term Care Insurance 74 Veterans Benefits 76 Service Connected Disability Benefits 78 Non-Service Connected Veterans Benefits ("VA Improved Pension" or "Pension") 78 Life Estate Deeds and Enhanced Life Estate Deeds (Lady Bird Deeds) 79 Chapter 8 Life Care Planning 81 Notes 85 Glossary 89 Bibliography 100 About the Author 101
