{"id":7514,"date":"2022-11-23T08:45:00","date_gmt":"2022-11-23T13:45:00","guid":{"rendered":"https:\/\/yourfloridaprobatelawyer.com\/?p=7514"},"modified":"2023-01-24T10:11:39","modified_gmt":"2023-01-24T15:11:39","slug":"what-assets-are-exempt-from-medicaid-in-florida","status":"publish","type":"post","link":"https:\/\/yourfloridaprobatelawyer.com\/what-assets-are-exempt-from-medicaid-in-florida\/","title":{"rendered":"What Assets Are Exempt from Medicaid in Florida?"},"content":{"rendered":"\n

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Medicaid is an excellent program for individuals or families who need assistance to cover health care expenses, especially for elderly<\/a> and disabled individuals. The program’s eligibility requirements are strict, but there are exemptions for which applicants may qualify. <\/p>\n\n\n\n

Read on to discover which assets are exempt from Medicaid in Florida. <\/p>\n\n\n\n

Applying for Medicaid in Florida – Understanding the System  <\/h2>\n\n\n\n

Also referred to as the Statewide Medicaid Managed Care (SMMC) program, Medicaid is available for Florida residents who meet the eligibility requirements.  <\/p>\n\n\n\n

The list of health care benefits and services provided by Medicaid varies depending on the specific program, which results in distinct eligibility requirements.  <\/p>\n\n\n\n

For example, an elderly individual applying for Institutional (Nursing Home) Medicaid must meet different eligibility requirements from a disabled individual applying for Regular Medicaid or Medicaid for Aged and Disabled (MEDS-AD).  <\/p>\n\n\n\n

To qualify for any of the options available, the applicant must meet specific requirements on asset and income limits.  <\/p>\n\n\n\n

What Assets Are Exempt from Medicaid in Florida? – Homestead Property  <\/h2>\n\n\n\n

An applicant’s primary residence protected under Florida homestead laws<\/a> is not considered a “countable asset” for Medicaid purposes. To determine whether the applicant’s house is a homestead, he or she must meet one of two existing requirements. <\/p>\n\n\n\n

The first is the applicant’s home equity interest limit, which is $636,000 or less (as of January 2022). To calculate the home equity, the applicant must find the property’s fair market value less any debts secured by the asset (e.g., mortgage). <\/p>\n\n\n\n

The applicant must also have the intent to return home if the purpose of the Medicaid assistance is to cover expenses involved in nursing homes or assisted living facilities.  <\/p>\n\n\n\n

The second option waives the home equity requirement and applies in situations where: <\/p>\n\n\n\n