You may have spent most of your adult life saving for retirement and for your loved ones to receive a respectable inheritance when you are no longer around to support them yourself. But this life savings may be threatened if your health sadly declines as you grow older. That is, the cost of health insurance and long-term care in this country can quickly amount to an unbelievable ticket price. This is why it is arguably equally important to conduct Medicaid or Medicare planning alongside your estate planning. Without any further delay, please read on to discover whether you are eligible to get started on Medicaid planning and how a seasoned Broward County estate lawyer at The Probate Lawyers can help you navigate any complexities posed.
Am I eligible for Medicaid planning in the state of Florida?
First off, Medicaid is a government program offering health insurance and long-term care services for older adults with limited income and resources. Or, for younger individuals who are blind or have an eligible disability. But as far as older adults go, they must meet the following eligibility criteria:
- An individual must be 65 years of age or older, or have an eligible disability recognized by the Social Security Administration.
- An individual must be a resident of the state of Florida and a legal citizen or lawful permanent resident of the United States.
- An individual must require a nursing facility level of healthcare for at least 30 consecutive days.
- An individual must have a gross monthly income of $2,829 or less, as of 2024.
- An individual must have countable assets of $2,000 or less, as of 2024.
- An individual must not have transferred ownership of assets within five years of applying for Medicaid.
What is the difference between Medicaid and Medicare?
Based on the description above, you may conclude that you do not qualify for Medicaid planning and that your efforts are best served elsewhere. For one, upon further research, you may learn that Medicare is more properly suited for your given situation.
Similar to Medicaid, Medicare is for adults 65 years of age or older and younger individuals with certain disabilities or conditions. However, it begins to deviate with its purpose. That is, Medicare is meant to cover the healthcare costs of your acute injuries, otherwise known as health issues that you can heal from and return to your normal daily life soon afterward. And as a reminder, Medicaid is more so for health conditions that are unlikely to get better and that rather require long-term care and skilled nursing.
To conclude, you should know that a competent Broward County estate lawyer is here to assist you with whatever your legal issue may be. So please reach out to us at The Probate Lawyers today.
