Medicaid Spend Down Rules
QUALIFY FOR NURSING HOME MEDICAID WITHOUT GOING BROKE!
Medicaid "Spend Down" is a reference to the process of exhausting a family's assets and income to an amount below the eligibility limits of Medicaid. In other words, becoming "poor".
However, what few people know is: You can actually still have a "ton" of assets. The assets simply have to be the kind of Assets Medicaid "Allows you to Keep", rather than Assets Medicaid wants you to "Spend Down"!
Being poor according to the rules is very different than actually being poor!
Click here to learn how to Be "Poor According to the Rules"
Without Actually Being Poor AND STILL QUALIFY FOR MEDICAID THIS MONTH
Are YOU in "CRISIS MODE"?
- May remain long term in the nursing home?
- May discharge to an assisted living and need help paying the assisted living bill of $3,000 - $5,000 per month?
- May discharge home needing some assistance over the long term?
- YOU don't know how to pay the $8,000 plus per month?
- YOU simply don't want to spend the family assets on the nursing home?
- "Spend Down" the assets and "Sell" the home?
- "Hide" the money?
IT IS NEVER TOO LATE TO PROTECT ASSETS AND INCOME FROM THE DEVASTATING COST OF LONG TERM CARE.
How do you convert "Assets Medicaid wants you to spend into Assets Medicaid ALLOWS YOU TO KEEP"?
The Asset and Income Exchange Process is the single most crucial component of a Successful Medicaid Asset Protection Plan. It's important to understand that the "Medicaid Asset Protection Planning" process, "Spend Down", in most cases, does not include simply giving the assets away to a child, relative, etc. In fact, gifting will generally (limited exceptions) create a Medicaid benefits ineligibility period. Rather, assets must either be converted to a "Non-Countable" or "Exempt" asset of relatively equal value.
The state of Florida has specific guidelines, including asset caps and income caps, for qualifying to receive Nursing Home Medicaid Benefits; Medicaid Eligibility Standards. These guidelines define which assets are "Countable" assets and which assets are "Non-countable" or "Exempt" and are thereby not used to calculate qualification for Nursing Home Medicaid benefits. Therefore, the secret sauce to "Medicaid Asset Protection Planning" involves restructuring assets that are "Countable" into assets that are "Non-Countable" or "Exempt".
Over the past 20 years, our Medicaid Asset Protection Implementation Team has successfully achieved Medicaid "Approvals" for more than 6,000 families across the entire state of Florida.
Our Application Processing firm "Guarantees" Approval in writing!
Below is an excerpt from the Medicaid Guidelines for "Exempt" Assets.
There are MANY additional legal guidelines for "Preserving Assets".
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(a) Resources of a comatose applicant (or recipient) are excluded when there is no known legal guardian or other individual who can access and expend the resource(s).
(b) The value of a life estate interest in real property is excluded.
(c) The cash surrender value of life insurance policies is excluded as resources if the combined face value of the policies is $2,500 or less.
(d) The individual, and their spouse, may designate up to $2,500 each of their resources for burial funds for any month, including the three months prior to the month of application. The designated funds may be excluded regardless of whether the exclusion is needed to allow eligibility. The $2,500 is not reduced by the value of excluded life insurance policies or irrevocable burial contracts. The funds may be commingled in the retroactive period.
(e) One automobile is excluded, regardless of value.
(f) Property that is essential to the individual’s self-support shall be excluded from resources if it is producing income available to the individual which is consistent with its fair market value. This includes real and personal property used in a trade or business; non-business income-producing property; and property used to produce goods or services essential to an individual’s daily activities. Liquid resources other than those used as part of a trade or business are not property essential to self-support. For the purpose of this section, mortgages are considered non-liquid resources, if they were entered into on or before September 30, 2004.
(g) An individual who is a beneficiary under a qualified state Long-Term Care Insurance Partnership Policy is given a resource disregard equal to the amount of the insurance benefit payments made to or on behalf of the individual for long term care services when determining if the individual’s countable resources are within the program limits to qualify for Medicaid Institutional Care Program (ICP), HCBS, the Program of All Inclusive Care for the Elderly (PACE), or hospice benefits.
It is important to understand that many of the Florida Medicaid Eligibility guidelines entail crucial caveats that should be thoroughly discussed with a qualified Medicaid Attorney
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