All posts filed under: florida medicaid

How to Qualify for Medicaid (and keep your property): Part II

The asset and income restrictions on Medicaid benefits are what bring a great many people to an elder law attorney.  The applicant meets the age, citizenship and other basic requirements for Medicaid benefits, but they nevertheless can’t be immediately qualified because of the limitations on what an applicant can own or earn while receiving Medicaid benefits.  So, what are these limitations? Asset Limits Generally, Medicaid applicants are limited to $2,000 in countable assets. Moreover, if the applicant is married, the applicant’s spouse (who may not be going to live in a long-term care facility) is limited to $119,220 in countable assets for the year 2015. If both spouses need Medicaid, their asset limit is $3,000 total or $1,500 each. And there’s another problem.  With certain exceptions, if the applicant has transferred property or funds in the past five years, that property or those funds are counted in the Medicaid application. The idea of the look-back period is to prevent people from hiding assets or income in order to qualify for Medicaid (in other words, to ensure that Medicaid is …