Medicaid eligibility is based on several financial factors – primarily being an income test and an asset test.
We will upload a separate blog post for asset limit tests in Florida but for an unmarried individual, the current asset limit is $2,000 in countable assets. Note, there are several assets in Florida that are “non-countable” and thus, persons with assets in excess of $2,000 are able to qualify for Medicaid benefits.
As for the income test, as of January 1, 2020 the Florida income cap is $2,350 per month. The Dept. of Children and Family Services (DCF) which runs the Medicaid program will ask for proof and statements from all income sources, which generally include social security, pensions, retirement account distributions, rentral income, dividends, and any other income sources. When someone is over the cap of $2,350 per month then we need to utilize specific planning techniques, such as the created of a Qualified Income Trust (a/k/a Miller Trust) in order to maintain eligibility under the income test rules.
Working with an attorney can help you qualify for ICP (Nursing Home) or Waiver (ALF and Home Based) program benefits through Medicaid To learn more about qualifying for Medicaid please contact our office.