A few times every year, I visit with an adult child and their mother at my office. They explain that “Dad” is in a nursing home, and isn’t able to come home. They realize that the safest place for him is in a nursing home. But Mom can’t afford the $8,500.00+ monthly cost of nursing home care, and she thinks that they have too much money to get medicaid. Mom also mistakenly thinks all of Dad’s income would go to the nursing home. Needless to say, she’s scared.
Like so many others, the family believed one of many Medicaid Myths. First of all, they don’t have too much money to qualify for Florida Medicaid. Mom is allowed to have $128,640, and she has less than that. Sure, Dad’s income is too high for Florida Medicaid’s Income limit of $2,349.00, but there’s a workaround called a Qualified Income Trust.
WILL MOM GET ALL OF DAD’S INCOME?
It’s true that much of Dad’s income will go to the nursing home, at first. However, there are affordable legal steps that will help Mom get ALL of Dad’s income. With our help, Mom will likely not worry about paying bills or choosing between groceries and medications. And the best news, she can sleep comfortably knowing that her husband is safe and that she’s financially secure.
LET’S BAKE THE CAKE
Here’s how we do it. We go to Court and prove that Mom can’t live on the meager amount of Dad’s Income that Medicaid allows. We prove that Dad wants his income to go to Mom instead of the Nursing Home. Dad even has a separate lawyer to represent his interests.
As long as the numbers align (and we don’t file until they do), the Judge will grant Mom’s request that all of Dad’s income go to Mom. And Medicaid has to honor the court order. We then inform Medicaid about the Court’s decision and Viola! Mom gets the rest of Dad’s Income.
If you’d like to meet with us to discuss this subject, call 386-256-1443, text us @ 386-855-8976, or visit our contact page to send us a message. We’d love to help you.
Did you know Baby Boomers are a designated group of people who were born between 1946 and 1964? In fact, 76.4 million people were born during that 22-year period. This group comprises about one-quarter of the U.S. population.
A Baby Boomer born before 1954 is at least 65 years of age and is accordingly entitled to Medicare medical assistance if he or she has received Social Security credits for 40 quarters of coverage. This means he or she has paid into Social Security for at least 10 years.
A person aged 65 and older who has not received credit from Social Security for 29 quarters of coverage has to pay a $437 per month premium in 2019 for Medicare coverage. An individual who has 30-39 quarters of Social Security credits must pay a $240 per month premium in 2019 for Medicare coverage. Persons of any age who have end-stage renal disease or amyotrophic lateral sclerosis can also receive this coverage at no cost. Likewise, a person who has received Social Security disability benefits or Railroad Retirement Disability Income for 24 months or longer is eligible for Medicare.
A person under 65 years of age is only categorically entitled to Medicaid medical assistance if his or her income is less $12,060 per year and his or her countable assets are less than $2,000. Fortunately, persons under age 65 with expensive health care needs may still be entitled to the Medicaid share of cost program. This is for people who make too much money to qualify for regular Medicaid but not enough money to pay for their healthcare needs.
This program essentially allows people to subtract their medical expenses from their income and qualify for Medicaid if and when their medical expenses reach a certain amount determined by the Department of Children and Families. The day a person’s health care expenses for the month exceed his or her share of cost, Medicaid coverage begins. From that day until the end of the month, the person has full Medicaid coverage. On the first day of the next month, a person is again without coverage until health care expenses exceed his or her share of cost.
These are critical considerations for both our Florida Baby Boomer clients and their loved ones.
Knowing just what health care coverage you are entitled to and what is paid for needs to be a priority, especially during the annual Medicare Open Enrollment period. Remember, in almost all instances, there is a provider who will cover custodial long-term care needs. We can plan forward with you and your loved ones for these expenses. Do not wait to contact us to schedule a meeting.