Having income and/or assets over Medicaid Long Term Care limit(s) does not mean an applicant cannot still qualify. There are a variety of planning strategies that can be used to help persons who would otherwise be ineligible to become eligible. Some of these strategies are fairly easy to implement, and others, exceedingly complex.
When persons have income over the limits, Miller Trusts also called a Qualified Income Trust (QIT) can help allow an applicant to qualify.
When persons have assets over the limits, trusts are an option. Irrevocable Funeral Trusts are pre-paid funeral and burial expense trusts that Medicaid Long Term Care does not count as assets. Another option is annuities that turn countable assets into a stream of income. There are many other options when the applicant has assets exceeding the limit.
Inadequate planning or improperly implementing a Medicaid Long Term Care planning strategy can result in a denial or delay of benefits. Professional Medicaid Long Term Care planners are educated in the planning strategies available in the state of Florida to meet Medicaid’s financial eligibility criteria without jeopardizing Medicaid Long Term Care eligibility. Furthermore, there are additional planning strategies that not only help one meet the financial criteria but can also protect assets from Medicaid Long Term Care’s estate recovery program, preserving them for the family as inheritance as opposed to reverted to the State of Florida. For these reasons, it is highly suggested to consult with a Medicaid Long Term Care planner for assistance in qualifying for benefits when over the income and/or asset limit(s).