Every year the eligibility limits change for Medicaid. The 2017 Florida Medicaid Numbers have now been announced. They are as follows:
Individual Countable Asset Allowance: $2,000
Spouse Countable Asset: Allowance $120,900
Income Cap/Limit for Individual: $2,205.00 per month
Spouse Minimum Income Needs Allowance: $2,003 per month
Individual Personal Needs Allowance: $105 per month
Florida Home Equity Limit: $560,000
While these are the limits, do not assume that you or your loved one will not be able to get Medicaid if assets or income exceed these limits. Each situation needs to be analyzed to determine assets that are countable versus assets that are not countable. Furthermore, even if an individual or couple’s countable assets exceed the limits, planning opportunities exist that allow for eligibility sooner rather than later. Many people make the mistake of waiting until assets are below the above limits to get advice. At that point, we cannot re-coup the money that could have otherwise have been saved.
While Medicaid planning is a key component in long term care planning, focusing exclusively on Medicaid eligibility can be harmful, because long term care is usually a journey; you or your loved one may need help long before eligibility for Medicaid is possible.
Please give the office a call at (239) 434-8557 to set up an initial family consultation.