Medicaid rules are complex and change from state to state. So long as Medicaid exists in its present form in Florida, you CAN avoid family impoverishment.
In Florida, typical planning for Medicaid, whether it be for long term residential care or home health care, includes the following strategies:
- Do not transfer or sell the homestead. Spend some money to fix it up. You might want to pay off the mortgage.
- If married, shift some assets to the healthier spouse.
- Pay off debts.
- Purchase an irrevocable prepaid funeral contract.
- Rent out real estate.
- Purchase a Medicaid compliant annuity.
These are just some of the ways you can protect your assets and still qualify for Medicaid. Crisis planning tools such as personal service contracts and “Just Say NO” are also available.
Contact the office of Debra G. Simms to learn more about Medicaid planning. We are here to help you plan for tomorrow.