How to Avoid a Medicaid Spend Down in Florida
Many Floridians are concerned about losing their life savings when they need long-term care, but there is a way to protect your assets and still qualify for Medicaid.
In this article, we will discuss how to avoid a Medicaid spend down in Florida and provide you with valuable tips on how to spend your money strategically.
Medicaid Asset Level Requirements in Florida
To be eligible for Medicaid in Florida, your assets must be at or below $2,000. If you have more than $2,000, you are not eligible for Medicaid. This can be a daunting challenge for many Floridians who want to protect their assets but also need long-term care.
What Is a Medicaid Spend Down?
A Medicaid spend down is when you spend your money on things to get yourself down to Medicaid asset level requirements. However, the goal is not to be wasteful. Elder care attorneys or Medicaid planning attorneys do not advise their clients to spend all of their money just to apply for Medicaid.
What Can You Spend Your Money on?
You are allowed to spend your money on anything that you need or want, but you cannot give it away.
Elder care attorneys or Medicaid planning attorneys will advise you on certain practical items that might make sense to spend your money on. For instance, pre-paying your mortgage, paying off credit card debt, buying things that you need that would make you safer and be able to stay in the home, or things that will make your stay in an assisted living facility nicer.
Strategic Spend Down Plan
Once the practical spend down items are out of the way, it is time to think about things more strategically. Every case is unique, and the spend down plan will vary depending on your circumstances.
Elder care attorneys or Medicaid planning attorneys will think about what type of special needs trusts might make sense, whether it makes sense to get money into the hands of a trusted family member, whether it is because they are doing work or through a promissory note. There are different ways to do that, and they will also talk about whether it makes sense to participate in new ways of purchasing real estate.
Protecting Your Assets
A specific Medicaid spend down plan is never just to spend all of your money in one fell swoop on things, stuff, or services. It is often not a strategic and good use and not a really good way to protect your assets.
Elder care attorneys or Medicaid planning attorneys will develop a customized plan to spend your money intelligently—typically, in a way where it is not even really being spent, it is really like it is being set aside for your benefit. You can still utilize it and still benefit from your money for the rest of your life while also receiving valuable government benefits.
If you are in Florida and need assistance with Medicaid planning, you can contact elder care attorneys or Medicaid planning attorneys to set up a consultation. They will work with you to develop a customized plan to protect your assets and still qualify for Medicaid. You can call the phone number behind them or send an email to firstname.lastname@example.org.
In conclusion, avoiding a Medicaid spend down in Florida is possible with proper planning and advice from elder care attorneys or Medicaid planning attorneys. Spend your money on things that make sense and protect your assets while still qualifying for Medicaid.
Contact Elder Needs Law to set up a consultation and develop a customized plan to protect your assets and still qualify for Medicaid.