Tampa Medicaid Eligibility And Benefits That Save You Money On Long-Term Care

Medicaid planning in Tampa can play a vital role in ensuring you are provided for in the future while protecting your property and assets. Qualifying for the program provides coverage of nursing home and other long-term care costs, preventing you from having to pay out of pocket. Our Tampa estate planning attorney explains the eligibility requirements and benefits available.

The Benefits Of Medicaid Eligibility

Medicaid is a federally funded program that is administered by each state. Medicaid benefits in Florida help people with low income get the medical care and treatment they need. It also provides important benefits for people who are 65 and older and those who suffer from different types of long-term disabilities.

As you get older, your need for medical care is likely to increase, Chronic health conditions, accidental injuries, and sudden illnesses can make it hard to provide for yourself. In this situation, Medicaid provides the quality support and more intensive care you may need. Services it pays for include:

• Doctor visits;
• Diagnostic testing;
• Approved treatments and medications;
• Hospital stays;
• Physical therapy;
• At-home care;
• Community support services;
• Transportation costs to doctor visits;
• Extended stays in a nursing home or other long-term care facility.

Even with insurance, costs associated with the above can quickly total six figures. Medicaid can help cover these costs, preventing you from having to deplete your hard-earned savings.

Meeting Requirements for Medicaid In Tampa

The U.S. Department of Health and Human Services oversees the Medicaid program and has strict requirements for obtaining these benefits. Eligibility is based on income and household size. Unfortunately, many older adults who have accumulated savings, own property or other investments, or receive retirement income are not eligible.

Paying out of pocket for medical treatment, at-home care, or nursing home services can quickly drain all your funds. It is also likely to deplete any future inheritance you may have wanted to leave for your children or other loved ones. It is only once all these assets are gone that Medicaid typically kicks in. Our Tampa estate planning attorney offers a solution to this problem:

• We helps clients obtain Medicaid eligibility by creating a trust:
• Once you transfer property and assets to the trust, you retain rights of use but are no longer considered the owner;
• This allows you to meet all of your monthly costs while also meeting Medicaid income and asset eligibility guidelines.

Contact Our Tampa Estate Planning Attorney And Request A Consultation 

The high cost of nursing homes and other types of care often required by older adults can quickly deplete any property and assets you have accumulated over the years. Creating a Medicaid trust helps prevent this from happening while ensuring you get the quality care you need.

However, Medicaid does have a five-year look-back period. This means it is important to act quickly. To discuss Medicaid eligibility and whether creating a trust is an option, contact Strategic Counsel Law Group, L.C. Request a consultation with our Tampa estate planning attorney today.

Sources:

benefits.gov/benefit/1625

hhs.gov/