How Medicaid Planning Benefits Older Adults In Tampa
Paying for long-term care costs is a primary concern for older adults in Tampa. Medicaid can help offset expenses and protect your life savings while ensuring you get the quality medical care and support you need. Our Tampa Medicaid planning attorney explains more about these benefits and ways you may be eligible.
What Does Medicaid Cover?
Medicaid is the largest provider of health insurance in Florida and throughout the United States. According to statistics from the Center on Budget and Policy Priorities (CBPP), it provides essential services for more than seven million older adults. Roughly one of every three eventually requires nursing home care, but the high costs can quickly wipe out your hard-earned life savings.
Medicare covers these costs for nearly two out of every three nursing home residents. However, even if you do not eventually require nursing home care, there are other benefits it provides:
- Covers short or long-term rehabilitation facilities, which may be required after illnesses, injuries, or surgeries;
- Provides home support services, such as visiting nurses and home health aides;
- Provides community-based services, such as doctor visits, testing, and transportation to and from appointments;
- Offers vision and dental benefits, helping you protect your health and safety while avoiding out-of-pocket costs.
How To Be Eligible For Medicaid Benefits In Tampa
If you are eligible for Medicare, having Medicaid helps to fill in the gaps and makes Medicare payments more affordable. However, you must either be disabled or have a limited amount of income and assets available. 2023 limits are estimated at a maximum of $1,563 per month for an individual or $2,106 per month for a couple.
How can you receive Medicaid benefits if you fall above income and asset limits? By establishing a Florida Medicaid Asset Protection Trust. A trust allows you to transfer your income and assets to a third party you select, with a legal duty to manage them according to your best interests. The benefits of establishing a Medicaid trust include:
- As you are no longer considered the owner of these assets, you may fall within Medicaid income guidelines.
- You can include provisions in your trust that allow you to pay bills and continue to control and enjoy the benefits of certain assets, despite no longer being the official owner.
- A Medicaid trust allows you to preserve your hard-earned assets, so they can be passed along to future generations as you wish.
- A Medicaid trust helps avoid probate court proceedings, potentially saving your family time and money.
Even if you do not need long-term care or other support services, begin Medicaid planning now. The program has a five-year ‘look back’ period, meaning transfers made during this time could jeopardize eligibility.
Request A Consultation With Our Tampa Medicaid Planning Attorney
At Strategic Counsel Law Group, L.C., we can advise you on your rights regarding Medicaid planning and other resources to protect older adults in Tampa. To request a consultation, call or contact our Tampa Medical planning attorney online today.