How do I plan for Medicaid eligibility?

Medicaid eligibility in the state of Florida can be planned for in several ways. If you are the parent of a minor child, you may plan for him or her to become eligible for Medicaid by assigning a power of attorney that names an individual who will act as a financial manager for the child’s assets. This can help ensure that any assets held in the child’s name will be used in a way that will not disqualify the child from receiving Medicaid. If you are planning for yourself to become eligible for Medicaid, you may do so by establishing an irrevocable trust and transferring your assets into it. This trust will be managed by someone other than yourself, and the assets held in it will not be counted against your eligibility for Medicaid. You may also plan for Medicaid eligibility ahead of time by making sure that any income you have is used for basic living expenses or medical bills, rather than savings. This will help ensure that your income does not disqualify you from receiving Medicaid. Another way to plan for Medicaid eligibility is to create a life estate deed. This deed transfers your property, usually a home, into two separate interests so that you can retain control of it while still making it eligible for Medicaid. Finally, you may plan for Medicaid eligibility by making sure that all your assets are properly titled and that any debt or liabilities you have are paid in full. This will help ensure that you are eligible for Medicaid should you become unable to pay your medical bills.

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How do I plan for Medicaid eligibility?

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