Top 5 Questions To Ask Your Medicaid Planning Representative
Life is unpredictable and anything can happen, including unexpected illness and death. As you get older, the prospects of developing a health ailment that greatly impacts your life become more of a reality than when you were younger.
There is no way to know for sure what the future holds. This is why defending against any negative implications that can result from potentially debilitating health conditions early on is necessary. Health complications can impair your ability to function independently so having a comprehensive estate plan in place that incorporates advanced Medicaid planning is advantageous.
Because as high as 70% of mature adults require the assistance of long-term care, planning for Medicaid before that time comes is beneficial. Long-term care can be very costly and to protect your assets while preparing for the future, speaking with a Florida Medicaid planning attorney is essential. The Villages Medicaid planning lawyers at Millhorn Elder Law Planning Group are here to help you with your estate and Medicaid planning needs.
Helpful Questions to Ask When You Meet with a Medicaid Planning Expert
Applying for Medicaid can be a confusing and complicated process. But, having a proficient and experienced representative assisting you can improve your ability to qualify for Medicaid benefits. When you meet with one of the skilled Florida elder law attorneys at Millhorn Elder Law Planning Group, you can get valuable information to critical questions including:
- What assets are exempt from Medicaid qualification?
- There are several assets that are exempt including business property, your home, some retirement accounts, and much more. An attorney can go over the full list of exempt assets.
- What are Florida’s rules with regard to a person’s home if they are married?
- If you are married and you applying for Medicaid but your spouse is not and plans on residing in your home, the value of your home will not be considered. If you are not married and you are applying for Medicaid with the intent that you return back to your home at some point, then here too, your home’s value will not be considered.
- How does the five-year rule work?
- The five-year rule is one of the many reasons why getting an early start on Medicaid planning is so crucial. The actions you take right before you apply for Medicaid will be scrutinized by the Florida Agency for Healthcare Administration. Specifically the last five years prior to your application. If you have not handled your assets properly you could be disqualified from Medicaid assistance. Further, depending on your situation, you may face fraud charges.
- Can bank accounts with money in them disqualify a person from getting Medicaid assistance?
- You can have money in your bank account but there are limits. The agency will look at all of your bank accounts and review their activity. The savings account limit as of 2021 was no more than $2,000.
- How much income is allowed to qualify for Medicaid in Florida?
- You can receive up to $2,832 in monthly income as of Florida’s 2021 Medicaid rules.
Speak to a Florida Medical Planning Attorney Today
With an office conveniently located in The Villages, FL, the Florida Medicaid planning attorneys at Millhorn Elder Law Planning Group can help you get your future priorities in order with strategic Medicaid and estate planning services. To learn more, please call Millhorn Elder Law Planning Group today to schedule your complimentary initial consultation at 800-743-9732.