Tampa Medicaid Planning Attorney

Even if you currently hold a well-paying job and have saved for your future retirement, there may come a point where you find yourself unable to pay for long-term care. The reality is that nursing homes in Central Florida are incredibly expensive, and the cost continues to increase at near-exponential rates each year. And even if you will not someday need to move into a nursing home, you may still be financially unable to meet all of your health care needs as you age.

Florida’s Medicaid system may be able to help you in these situations. But you need to start planning now. A Tampa Medicaid planning attorney can help. Knudsen Law is a full-service Florida estate and probate firm, and we assist clients in putting together comprehensive strategies to address the possible need for long-term care, including applying for Medicaid benefits.

Will You Qualify for Florida Medicaid?

Unlike Medicare, which provides medical coverage to people 65 or older regardless of their financial situation, Medicaid is restricted to people who meet certain requirements. Medicaid is actually a partnership between the state and federal governments. The basic qualifications for Florida Medicaid include the following:

• You must be a United States citizen, permanent resident, or legal alien.
• You must be a resident of the State of Florida.
• You must be low income.
• You must be aged 65 or older, pregnant, caring for a minor child, blind, have a disability, or are caring for a household family member with a disability.

For Tampa seniors–i.e., residents who are 65 or older–Medicaid can pay for a person’s institutional or nursing home care. In limited cases, Florida Medicaid will also pay for home and community based care services. But all Medicaid applicants must satisfy certain income and asset limits.

For example, if you require nursing home care and need Medicaid to pay for it, your monthly income may not exceed $2,829 (as of 2024). This includes all sources of income, including your Social Security and any withdrawals from private retirement accounts. You are also restricted to no more than $2,000 in assets. Fortunately, some assets are exempt from this limit, including your primary residence (homestead), household furnishings, personal effects, and one motor vehicle. And if you are married, and both you and your spouse apply for Medicaid, the income and assets limits for your combined household are higher.

Even with these exemptions, however, many Tampa residents struggle to stay below the $2,000 limit. Medicaid regulations also make it difficult to simply give money or property away to get under the limit. Our qualified Tampa Medicaid planning attorney can advise you on possible legal strategies for addressing this situation.

Need Help? Reach Out to Our Tampa Medicaid Planning Attorneys

When it comes to long-term care, the time to start planning ahead is now. Do not wait until you need Medicaid to take action. If you need to speak with a skilled Tampa Medicaid planning attorney, contact Knudsen Law today at (727) 398-3600 to schedule a consultation.