Medicaid planning should be a component of the long-term care strategy for your family, and as such should be something that you consider before you are in a situation to need it. Medicaid offers access to health services for low-income people and families in the United States.
Medicaid also helps disabled individuals and the elderly with costs such as care in nursing homes and other long-term medical bills.
However, to take benefits and qualify for the Medicaid program in Florida, certain requirements need to be fulfilled to be eligible.
These requirements include income requirements which will be discussed in this article.
Income requirements for Medicaid in Florida
For many of the Medicaid eligible groups, income requirements are assessed keeping in view the Federal Poverty Level (FPL), which keeps changing every year. This is measured by a particular method known as the Modified Adjusted Gross Income (MAGI).
Any income received by a Medicaid applicant is counted for the purposes of Medicaid eligibility. The income can come from any source which may include job wages or even stock dividends.
Income eligibility test for Medicaid
The income requirement for Medicaid’s eligibility for long-term care depends on whether the applicant is married (with a community spouse or any other spouse still wants Medicaid) or is single.
The Medicaid applicant can earn no more than the income cap amount prescribed, which changes from time to time in Florida.
The Florida Income Cap is $2,349.00 (January 2020) for an individual and $4,698 for a married couple.
You will be asked to provide statements from all sources of income which may include social security, distributions of retirement accounts, and even your income derived from a rental property. Gross income is not like income tax — No gross income is subtracted from social security taxes, Medicare Part B premiums, and employee portion of health insurance premiums.
The spouse’s income staying at home, known as the community spouse, is not included in the applicant’s benefit determination.
Community spouses can earn a limitless income per month but have a total asset limit of $128,640.
However, if the gross income of the community spouse is below a certain level ($2,114 / m until 06/20), it will allow the community spouse to divert some of the applicant’s income for his or her own financial needs.
This is called spousal diversion.
Applying for Medicaid in Florida
Medicaid planning should be a big component of any long-term elder care strategy, especially given that a person has to meet strict income and asset requirements to be eligible.
Individuals are eligible to apply for Medicaid in Florida easily who are already at or below the income and asset levels. If you don’t meet the requirements for income and assets, an experienced attorney can help advise on ways to fit the requirements.
The Finity Law Firm may be able to help protect assets and apply for Medicaid regardless of where you are in the State of Florida. Contact us today!
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