Senior estate planning could include preparing for long-term care services such as a stay at a nursing home or rehabilitation center. Florida’s managed care program may provide financial assistance to eligible residents over age 65, as noted by the American Council on Aging.
If you or a loved one anticipate needing LTC services, you may plan for Medicaid before applying. You may determine eligibility based on the income received each month. Florida’s program sets limits on the value of assets applicants own. Applying with a spouse, however, may change the amount of income and assets that determine a senior’s eligibility for benefits.
The 2022 Income and asset limits may affect your ability to qualify for Medicaid
Medicaid offers three program types, as explained at MedicaidPlanningAssistance.org. If you expect to apply for benefits to stay at an institutional or a nursing facility, your monthly income may not exceed $2,523. Single individuals may not own assets worth more than $2,000. Married couples may not own more than $3,000 worth of combined assets.
The same income and asset limits reflect Medicaid benefits covering at-home health care services. If you develop a disability and require help with your daily living routines, your monthly income may not exceed $997. Single individuals may own assets valued at less than $5,000. Married individuals’ monthly income may not exceed $1,343 and their combined asset value may not exceed $6,000.
Estate plans generally require sound mental capacity
As reported by the AARP, Medicaid planning may help families avoid financial stress. Waiting until a medical emergency, for example, may result in not having benefits available to provide for expensive long-term care.
Because creating estate plans require individuals to display mental cognizance, discussing your or your loved one’s long-term care needs may include Medicaid options. Families may also use tools such as wills or trusts to meet their LTC needs.