FREQUENTLY ASKED QUESTIONS ABOUT – (FLORIDA) MEDICAID AND YOUR LEGAL RIGHTS:
Q. Will Medicare or private heath insurance pay for all or part of long-term nursing home care?
A: NO. There are some short-term Medicare benefits available.
Q. If a person qualifies for Medicaid, will Medicaid pay for nursing home or hospital care?
A: YES. Subject to certain legal requirements, Medicaid will pay for the entire cost of care.
Q. What assets can I keep and still be eligible for Medicaid benefits?
A: Essentially, you may keep your personal residence, one automobile, whole life insurance with total face value under $2,500.00, term life insurance policies, burial plots, a burial fund up to $2,500.00, irrevocable pre-need funeral plans, household furnishings, wedding rings, savings of $2,000.00 for a single person and, if married, the community spouse may keep $ 113,640.00 (Effective January 2012).
Q. What kind of assets could Medicaid require you to spend before a person is eligible?
A: Assets such as cash, bonds, savings, stocks, life insurance cash values, real property, etc. With proper preplanning and the advice of a qualified attorney, however, a significant portion of these assets can be preserved.
Q. Once you are in a nursing home, are there still planning options available?
A : YES. It is even possible for a person already in a nursing home to protect all or a substantial portion of his/her life savings and to become eligible for Medicaid. However, once you have spent all of your assets, you no longer have any options available.