Frequently Asked Questions

What Is Medicaid?

Medicaid is a government entitlement program created by the Social Security Act, Title XIX. It is the primary provider of Long Term Care benefits for seniors. However, benefits are not automatic. You must plan in advance in order to get the most benefits possible. Financial and Estate Planners must not overlook Medicaid planning as part of an overall plan to protect and preserve their client’s assets. Unfortunately, most planners are not well informed or are misinformed regarding this type of planning.

Too much of the following assets can keep you from qualifying for Medicaid benefits: cash, savings accounts, stocks, bonds, mutual funds, CD’s, real estate (other than your home if it has a Home Equity Interest of $506,000 or less), cash value life insurance. A countable asset is anything that can be “cashed in” or anything that can be converted (liquidated) to cash.

What is Medicaid Planning?

For those individuals who require medical and/or nursing home treatment, Medicaid is a federal and state program which can significantly assist those who can show true need. Once qualified, a person may be eligible for the state of Florida to pay the difference between their monthly income and the monthly nursing home expenses.

Many people find it extremely challenging to meet the specific limitations set on income and property or possessions under Medicaid law. The income of the person applying for Medicaid Nursing Home benefits may not surpass $2,022 per month. When considering assets, the assets considered non-exempt may not exceed a value of $2,000. The spouse of a married applicant who resides in the same community is allowed assets up to the amount of $109,560.

Will Florida Medicaid Take my Home?

No, in our 16 years of guiding families, and over 6000 cases.

What is Medically Needy (Share of Cost)?

Individuals who are not eligible for “full” Medicaid because their income or assets are over the Medicaid program limits may qualify for the Medically Needy program. Individuals enrolled in Medically Needy must have a certain amount of medical bills each month before Medicaid can be approved. This is referred to as a “share of cost” and varies depending on the household’s size and income.

Once an individual meets the share of cost for the month, the individual must contact DCF to complete bill tracking and approve Medicaid for the remainder of the month.

Nursing Home Medicaid

We, at Lasting Legacy specialize in helping Nursing Home residents that would be denied due to excessive income and/or assets, still qualify for Medicaid. Our mission is to obtain for our clients the quantity and quality of care they deserve. We will present and implement proven wealth preservation strategies that will protect your life savings. We have been serving the needs of the elders since 1987 and have specialized in Medicaid Planning since 1996 having successfully provided planning for over 6,000 clients.

After a FREE fact finding consultation, we will provide you with a wealth preservation plan that will protect you from having to spend down your life savings and still allow you to qualify for Medicaid benefits.

What is Nursing Home Medicaid or ICP?

It’s a Federal and State program funded via your Social Security tax dollars.
It’s designed to pay for Nursing Home care of Elder’s or the Disabled.
There is an “Income & Asset Test” that must be met in order to qualify.
Medicaid provides a broad level of health care coverage including:

  • Doctor’s Visits
  • Hospital Expenses, Nursing Home Rehab and Resident Services
  • In 2009, the average monthly nursing home bill was between $6,000 to $8,000 per month in the state of Florida.
  • Once on Medicaid, your obligation to the nursing home is your monthly income, minus a Personal Needs Allowance.
  • With planning, your assets can be protected.

What is Long Term Care Diversion?

The Long Term Care Diversion Program is a little know state sponsored program designed to allow seniors with no medical needs to receive the highest quality and quantity of care.

The Long Term Care Diversion Program has limits on income and assets. After a FREE fact finding consultation, we can provide you with a wealth preservation plan that will protect you from having to spend down you lifetime savings and still allow you to qualify for the Long Term Care Diversion Program.

Long Term Care Diversion Services

The program offers a wide range of services to assist the senior in living independently. These services include but are not limited to:

  • Activities of Daily Living (ADL’s)
  • Nursing Services for a debilitating, degenerative or chronic condition
  • Administration of Medications
  • Respite Care
  • Homemaker Services
  • Light House Keeping, Etc.
  • Eligibility Requirements
  • 65 Years or Older
  • Medicare Eligible, Parts A & B
  • Meet the same income & asset test as nursing home Medicaid
  • This is where our services play an important role.

Upon passing will Medicaid seek to recover against the Estate?

When constructed based on rules No.