{"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
<\/p>\n\n\n\n
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 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 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 In such cases, the applicant’s property is exempt for Medicaid purposes. <\/p>\n\n\n\n Besides the applicant’s homestead, other assets are also considered exempt for Medicaid purposes in Florida, such as: <\/p>\n\n\n\n Waste no time with uncertainty. Immediately contact Attorneys Romy B. Jurado<\/a> and Diana C. Collazos<\/a> by calling (305) 921-0976<\/a> or emailing Romy@juradolawfirm.com<\/a> to find an ideal solution for your case.<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" Medicaid is an excellent program for individuals or families who need assistance to cover health care expenses, especially for elderly…<\/p>\n","protected":false},"author":1,"featured_media":7519,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"What assets are exempt from Medicaid in Florida? Click here to find out. For legal guidance, call Your Florida Probate Lawyer at (305) 921-0976.","_seopress_robots_index":"","_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[299,4],"tags":[301,305,303,334,336,26,28,23,27,25,24],"taxonomy_info":{"category":[{"value":299,"label":"Estate Planning"},{"value":4,"label":"Probate"}],"post_tag":[{"value":301,"label":"estate planning attorney"},{"value":305,"label":"estate planning attorney in Florida"},{"value":303,"label":"florida estate planning attorney"},{"value":334,"label":"florida probate attorney"},{"value":336,"label":"florida probate lawyer"},{"value":26,"label":"miami probate 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for Medicaid in Florida – Understanding the System <\/h2>\n\n\n\n
What Assets Are Exempt from Medicaid in Florida? – Homestead Property <\/h2>\n\n\n\n
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What Assets Are Exempt from Medicaid in Florida? \u2013 In Detail <\/h2>\n\n\n\n
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Protect Your Eligibility for Medicaid – Contact Your Florida Probate Lawyer Today <\/h2>\n\n\n\n